Trump says China will be 'hurt very badly' if no trade deal

Consumers are already seeing price hikes from the last round of Trump’s tariffs

Consumer prices on luggage and major appliances have already increased as a result of previous tariffs

Earlier, Trump tweeted that the United States would make a deal with China when the "time is right" and said that would happen "much faster" than thought.

Facing criticism for the new round of tariffs on Chinese goods, the President defended his administration's handling of the trade standoff with an economic superpower.

"We're having a little squabble with China", he said.

The Dow Jones Industrial Average and major indexes were up Tuesday after a heavy sell-off Monday, as jitters over the escalating trade war intensified. "And while I support some of the president's strategy, I think some of it's misguided".

Two U.S. lawmakers voiced support for Trump's trade fight with China, but with reservations.

The new round of tariffs will hit other parts of the USA food industry, with beans, lentils, honey, flour, corn and oats all on the list of goods that will be taxed.

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China on Monday hit back against the United States, announcing it will sharply increase duties on thousands of U.S. agricultural and manufactured goods to retaliate against Trump's decision last week to more than double the punitive duties on hundreds of billions of dollars in Chinese merchandise. The president also ordered tariffs to be raised on all remaining United States imports from China, which are valued at around $300 billion.

The U.S. Trade Representative's Office said Monday that a public hearing would be held on July 17 about the possibility of further tariffs on China, which it said could affect 3,805 product categories.

US Treasury Secretary Steven Mnuchin will plan for a trade meeting in China at some point, a US Treasury spokesman said. The Trump administration started placing tariffs on Chinese goods past year.

Beijing, meanwhile, has suggested that tariffs will hurt American consumers and companies that manufacture in China.

Mr. Trump plans to meet with Mr. Xi during the G-20 Summit in Japan in late June. The US economy, while growing at a healthy clip, could come under pressure.

Sources have said the trade talks hit an impasse after China tried to delete commitments from a draft agreement that said its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.

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