How will Trump's tariff hike impact American consumers?
Timothy Ulrich, Meng Tao
["china"]
03:01
Many Americans are already feeling the heat of Trump's tariffs. 
U.S. President Donald Trump said: "I think we're winning it. We're going to be collecting over 100 billion U.S. dollars in tariffs. Our people, if they want, they can buy from someplace else, other than China. Or they can — really, the ideal is make their products in the U.S.A."  
While Trump declares a victory for the U.S. in his trade war against China, many Americans are wondering what that means for them. That includes farmers, whom Trump tweeted about on Tuesday claiming they will be the biggest beneficiaries of what is happening right now.
The American soybean farmer Bret Davis said: "Compared to where we were a year ago, we're looking at a loss of three dollars a bushel. So on 14,000 bushels of beans, that'd be almost a 45,000-U.S.-dollar loss."
Chinese Vice Premier Liu He waves to press as he leaves the Office of the United States Trade Representative after tariff negotiations in Washington, DC, May 9, 2019. /VCG Photo

Chinese Vice Premier Liu He waves to press as he leaves the Office of the United States Trade Representative after tariff negotiations in Washington, DC, May 9, 2019. /VCG Photo

Farmers like Bret are more than just exporters, they're consumers as well and they're liable to be most affected by the trade war. For some U.S. exporters, like beverage producer Ocean Spray, they're bearing the brunt of the tariffs for now, but soon it could be passing on the cost.
Daniel Chiu, business development director of Ocean Spray, said that they undertook some of the cost. Their dealers and sellers also undertook some of the cost by themselves. The tariff for their product was raised by 25 percent but it won't be completely passed on to the consumers. 
They covered the cost with their dealers and sellers. They still hope that the trade tension would be resolved soon, and the price would go back to normal.
For smaller businesses the impact of Trump's tariffs could be devastating, according to Jake Jabs, once a small business owner who grew his furniture store into a franchise spanning two states.
Sears, a century-old American retailer, has filed for bankruptcy protection, Houston, Texas, October 17, 2018. /VCG Photo

Sears, a century-old American retailer, has filed for bankruptcy protection, Houston, Texas, October 17, 2018. /VCG Photo

Jabs, president and CEO of American Furniture Warehouse said: "Small businesses, a lot of them probably, are going to have to go out of business and that's kind of sad. I started as a small businessman and I hate to see small businesses getting hurt. But the tariffs hurt small business much more than the big businesses."
A recent study by international trade and economic consulting firm Trade Partnership Worldwide lays out the impact American consumers will face with the latest round of additional tariffs on China. They say a family of four will see an increase of 2,300 U.S dollars a year in goods and services, a devastating blow to 57 percent of Americans, who according to a personal finance website Bankrate.com, don't have enough savings to pay unexpected bills of 500 U.S. dollars. 
Tariffs would also severely impact sales which could lead to a net loss of 2.2 million jobs if the tariffs remain, said a study by Trade Partnership Worldwide. These figures would only compound, resulting in even more damage to the end consumer.