President Donald Trump is threatening to escalate the trade war with China, as soon as this Friday.
In a tweet on Sunday he said, "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate."
Because of that, he said the 10 percent tariff on $200 billion of goods will go up to 25 percent on Friday and $325 billion of additional goods will shortly be taxed at a rate of 25 percent.
In other threaded tweets, he said China has been paying tariffs to the U.S. and those payments are partially responsible for economic success.
The Chinese Vice Premiere is scheduled to show up this week for another round of trade negotiations.
In response to the president's tweets, a national campaign of U.S. trade organizations called Tariffs Hurt the Heartland said in a statement, “For 10 months, Americans have been paying the full cost of the trade war, not China. To be clear, tariffs are taxes that Americans pay, and this sudden increase with little notice will only punish U.S farmers, businesses and consumers."
In the statement, they added that raising tariffs to 25 percent will cost Americans nearly one million jobs, add a burden of $69 billion to consumers and will cost a total of $1.4 billion in income.
A study from the Federal Reserve Bank of New York said that nearly all costs of the trade war are being passed on to consumers.