Tariffs ultimately hurt US consumers and producers: Carly Fiorina

Former Hewlett Packard CEO Carly Fiorina expressed concerns about the trade ware latest escalation telling FOX Business tariffs not only hurt China, but are detrimental to the U.S. economy. “Because we actually buy more from China than they buy from us, it hurts our economy more over time than the Chinese economy... Ultimately, tariffs are either paid for by producers, American producers who are bringing in supplies, or tariffs are paid by consumers who are buying products which are now more expensive,” she said on “Cavuto: Coast-to-Coast” Tuesday.

Despite her cautionary words, Fiorina said she applauds the Trump administration’s stance on China’s trade practices.

"I've done a lot of deals, and I have done a lot of deals in China actually over decades. There is no question that we are dealing with a series of unfair trade practices that China has been indulging in for quite a long time."

President Trump took to Twitter tweeted to point out that American farmers will be benefit the most from the new tariffs levied on China.

“Our great Patriot Farmers will be one of the biggest beneficiaries of what is happening now,” he wrote on Tuesday.

But Fiorina warned farmers could face major hurdles as a result of the growing trade tensions between the world’s two largest economies.

“We are one of the largest pork producers and exporters in the world to China, and China has made it very clear that they will retaliate by putting additional higher tariffs on our agricultural products, and that hurts our producers as well,” she said.

Fiorina, a former 2016 Republican presidential candidate, also expressed concerns about both trading partner feeling victorious in the ongoing trade agreement negotiations.

"If you're going to have a successful deal, both sides need to feel that they've won something. That's particularly true in China because, in China, face makes a difference. This has gotten ratcheted up in terms of pressure very quickly, President Xi is now personally invested in this, he cannot be seen in his own country as the loser.”

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Trump told reporters that America will no longer be taken advantage of by its trading partners as the world’s “piggy bank.”

"We've been losing for many years anywhere from 300 billion to five hundred billion dollars a year with China and trade with China. We can't let that happen," he said on Monday.

Fiorina added she hopes that U.S. trade negotiators are "thinking through carefully" a trade agreement that will benefit both trading partners.