Tariffs Hurt the Heartland, the national campaign comprised of over 150 of America's largest trade organizations from across retail, tech, manufacturing and agriculture, released the following statement on Monday. 

"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 US farmers, businesses and consumers.

(File photo: VCG)

"Doubling down on taxing Americans as a negotiating tactic only makes a bad situation worse. Taxing Americans when they buy furniture, tools, electronics and groceries should have nothing to do with reaching this agreement. This isn't leverage to get a better deal, it's taking money out of the pockets of hard-working Americans.

"If the President follows through on this threat, the consequences will be dire. Raising tariffs to 25 percent could cost nearly 1 million American jobs, according to recent estimates. This decision will also roil financial markets and increase the likelihood of retaliation on American farmers who are facing the lowest income levels in years."

The statement was made in response to US President Donald Trump's threat to escalate tariffs on $200 billion of Chinese goods starting on Friday. According to Trump's Twitter, tariffs on $200 billion of Chinese goods will be raised to 25 percent from 10 percent effective on Friday.

China's Ministry of Foreign Affairs spokesperson Geng Shuang said on Monday that the Chinese delegation is preparing to go to the US for consultations. "We still hope that the US and China will work together to meet each other half way and strive for a mutually-beneficial agreement on the basis of mutual respect. This is not only in the interest of China, but also of the US. It is also the common expectations of the international community," Geng added.

(Compiled by Han Xiaomeng)