President Donald Trump is “losing a self-inflicted trade war” with China, leaving the United States with a “weak hand” going into his meeting with Chinese President Xi Jinping, Senate Democrats said Wednesday in a new report on the effects of Trump’s wide-ranging tariffs.
“Trump’s trade wars have imposed significant costs” on U.S. consumers and businesses, “sold out American farmers,” and the president “has strengthened China’s hand while weakening America’s leverage,” the report says.
CNBC received the report by Democrats on the Senate Committee on Banking, Housing, and Urban Affairs a day before Trump is set to meet Xi in South Korea.
Trump is “putting America’s long-term prosperity and security at risk,” Sen. Elizabeth Warren of Massachusetts, the ranking Democrat on the committee, said in a statement to CNBC.
“Trump needs to change course on his trade war with China now and stop hurting American families, farmers, and businesses,” Warren said.
