President Donald Trump's tariffs on China are borne almost entirely by American consumers, the evidence shows.
"When the smoke is clear, when there is a sense of calm, the market will react to what's really going on in our economy," Charles Payne said.
Last week, Trump threatened to slap tariffs on $300 billion more Chinese imports. China responded by halting all imports of U.S. agricultural goods.
The current trade dispute between Asia's second and fourth largest economies has its roots in grievances dating from World War Two.
Trump declared that his trade war was undermining Chinese economic growth, and threatened more pain for Beijing after 2020.
China announced this week that its quarterly economic growth had dipped to the lowest level since 1992.
President Donald Trump warned India's Prime Minister Narendra Modi about "unacceptable" trade tariffs ahead of their G20 summit meeting in Osaka, Japan.
"Consumers could see higher prices for TVs, cell phones, [laptops], cameras, cookware, stemware, instruments, clothing, shoes, toys, strollers, and much more," Aronhalt said.
With top officials from the U.S. and Mexico meeting in an attempt to avoid the tariffs, some Senate Republicans believe a deal will be reached and economic heartache avoided.
"Our many companies and jobs that have been foolishly allowed to move South of the Border, will be brought back into the United States through taxation (Tariffs)," the president wrote.
The trade deal requires approval of Congress, meaning Trump still needs to win over House Speaker Nancy Pelosi before the measure can pass—something tariffs with Mexico won't help. Now, even Republicans are expressing doubts.
"We remind the U.S. not to underestimate China's ability to defend its rights to development and to remember not to blame anyone for not warning them," the Communist Party's paper warned.
American imports from Vietnam rose 40.2 percent in the first three months of the year.
"These farmers are going to end in bankruptcy, and committing suicide and losing their farms and they're still talking about supporting the president," the president of the National Black Farmers Association said.
"They're not going to change their system, and I think a lot of hard-liners in the Trump administration are looking for them to do that," said Stephen Roach, a veteran Wall Street analyst.
One paper found tariffs are costing U.S. consumers and businesses $3 billion per month in added tax costs.
"We are now embarking on a new Long March, and we must start all over again," Chinese President Xi Jinping said.
"Unless there is a de-escalation of trade tensions, the outcome could be much worse than in our central scenario," said the secretary-general of the Organization for Economic Cooperation and Development.
"If talks stall, no deal is agreed upon and the U.S. imposes 25 percent tariffs on the remaining circa $300 billion of imports from China, we see the global economy heading towards recession," said an analysts' note.
The president told Fox News that Beijing "took advantage of us for many, many years."
A National Farmers Union executive and Wisconsin dairy farmer ridiculed Trump's ongoing trade war with China, warning of increased financial stress and suicides among U.S. farmers.
"I think it's going to set the framework for the 2020 election. This is as important as it gets," said the former White House chief strategist.
Research shows that U.S. consumers and businesses, not China, ultimately bear the true cost of the president's trade war.
"Such temporary solutions are not sufficient to address the permanent damage the trade war has inflicted on agricultural export markets."
Senator Tom Cotton said U.S. farmers and consumers who feel the pinch of President Donald Trump's trade war with China should consider the "sacrifices" made by soldiers fighting abroad or buried in Arlington National Cemetery.
"I'm so amused by people who come up to me and say: 'You used to be a Republican and I used to support your views,'" Joe Scarborough said. "I say: 'Well, my views haven't changed."
Goldman Sachs said rather than Chinese exporters lowering their prices to stay competitive in the U.S. market, other producers have increased prices to benefit from the trade war.
Oxford Economics estimated the tariffs could cost the economy U.S. $62 billion in economic output by next year if China retaliates.
The U.S. raised tariffs from 10 percent to 25 percent on $200 billion of Chinese goods on Friday, prompting a vow from China to implement retaliatory measures.
Marco Rubio penned a withering critique of China's "zero-sum game" strategies, warning of its plans to replace the U.S. as the most powerful nation on earth.