Cost to U.S. consumers, businesses of Trump's China tariffs surged in June - trade group

A whopping 74% increase in tariffs since last year added $6 billion in extra costs for U.S. consumers and businesses, a pro-trade group said on Wednesday as it warned additional tariffs threatened by President Donald Trump would further hit demand and hurt jobs. The U.S.-China trade war has intensified this week after Washington branded Beijing a currency manipulator and said it would impose 10% tariffs on the remaining $300 billion in Chinese imports, starting on Sept. 1. Trump on Wednesday repeated his tough stance on China, saying his actions would ultimately benefit the American economy.