President Trump has done ‘incredible damage’ with tariff talk: Former ambassador

Leah Millis | Reuters

President Donald Trump holds up a proclamation during a White House ceremony to establish tariffs on imports of steel and aluminum at the White House in Washington, March 8, 2018.

Critics have argued that the tariffs shouldn’t be broad and the real offenders, such as China, should be targeted.

The move has also provoked outcry around the world. The European Union threatened to raise import duties on things like bourbon, peanuts and cranberries. Earlier this week, the French economy and finance minister told CNBC the EU could retaliate alongside nations from outside Europe.

In the end, several countries will wind up being hit, including China, Russia and perhaps Korea and Japan, Shapiro told “Power Lunch.”

In addition to those tariffs, the Trump administration is preparing to go after China for alleged intellectual property theft.

A source told CNBC on Tuesday the White House is considering a trade package including indefinite tariffs, investment restrictions and possible visa restrictions on Chinese travelers.

Patrick Chovanec, chief strategist at Silvercrest Asset Management and adjunct professor at Columbia School of International and Public Affairs, agrees there is a real issue with China.

However, he believes the U.S. should work with its allies to remedy the situation.

“If you go alone, unilaterally, it is going to make it a lot easier for the Chinese to target industries of the United States and retaliate,” he told “Power Lunch.”

“We have burned a lot of bridges over the past month in terms of working with those countries on China,” he added.