US-China trade rift could squeeze growth and hurt consumers
WASHINGTON (AP) — Higher prices. Slower growth. Farmers losing access to their biggest foreign market.
Even President Donald Trump is warning that Americans might have to accept "a little pain" before they enjoy the fruits of his escalating trade fight with China.
On the pain part, if not necessarily on the "little" part, most economists agree with the president: The tariffs the United States and China are preparing to slap on each other's goods would take an economic toll.
For now, optimists are clinging to tentative signals from the Trump administration that it may be prepared to negotiate with Beijing and avert a trade war.
But Wall Street is getting increasingly nervous.