China Strikes Back Against Tariffs as Prices Rise

The U.S.-China tariffs escalation shows no sign of slowing down, and consumers are already feeling the effects. The U.S. has now imposed tariffs of 145% on goods from China, while Beijing countered by raising tariffs on American imports to 125%.

"This is two very large countries going at each other. And if it doesn't stop very quickly, then I don't think it's going to stop really at all," said economist Sasha Tomic.

Consumers are already starting to see the impacts. Chinese tech company Anker has raised prices on a fifth of its products on Amazon since last week, according to one e-commerce tracker. Those products have gone up an average of 18% over the past week.

"I think people will be surprised to find out how much of things that you buy on Amazon, and especially thermal, for example, comes from China," said Tomic.

The U.S. imports far more from China than China does from the U.S., but it's still a vital market for American manufacturers. China imported more than 15 billion dollars worth of American electronics last year.

"China is a huge market for the tech industry, and I think this is going to preclude more and more the tech companies being able to grow their revenue in the Chinese marketplace," said Bob Carpenter, CEO of Gs1 US.

That could mean U.S. manufacturers hike domestic prices to make up for losses — another potential sting for consumers.

"They will pay more," Tomic said. "I mean it will be bruising for both sides, and it's naive to think that either side will leave unscathed."