Romney: Trade Wars Have 'Severe Consequences'

Mitt Romney slammed trade wars, saying they "are a tax on Americans."

The former Republican presidential nominee, who is now a Utah Senate candidate, made his comments in a statement posted on Twitter on Friday.

"I'm not a fan of trade wars," he said. "I hope the new tariffs going into effect today can soon be removed and replaced by a mutually agreeable trade agreement. Trade wars are a tax on Americans.

"They have severe consequences for many employers and inevitably cost American jobs.

"They are particularly punishing for agriculture, a sector in Utah already under duress from wildfire, drought, and challenging public land policies.

He said the objective of the U.S. "should be to open new markets, negotiate free and fair trade agreements, and to employ American innovation and productivity to out-compete the world."

Romney's remarks came as the U.S. and China imposed tariffs on billions of dollars on each other's goods.

Beijing called it the "biggest trade war in economic history."

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