Consumers say they are feeling bite of tariffs

A 15-percent added tariff is now tacked onto some of the $300 billion worth of Chinese imports into the United States.

"I can't believe how much everything doubled in price. It cost me $500 to take three of my kids back to school shopping for supplies," one woman said. "That's never happened."

According to the American Apparel & Footwear Association, as of September 1, 77-percent or approximately $39 billion worth of all apparel, footwear and home textile products imported to the U.S. from China have been hit with an additional 10-percent tariff.

Another 23-percent or approximately $12 billion worth of goods will see an additional 10-percent tariff in mid-December.

Economist Dr. Martin Cantor says it's President Trump's way of putting his foot down to demand fair trade negotiations from China.

"Just think what you do in the morning: you reach for your alarm, you look for your coffee maker, pick up your cell phone, turn on your computer, put on your sneakers, socks, clothes. It will all be impacted by the tariffs," he said. "Either way with consumerism 70-percent of the economy, it creates a concern that the economy may take a step back if this takes hold for a long period of time."

According to a Coresight Research survey, six in 10 people are worried about tariffs impacting holiday shopping this season. More than 1 in 5 say they would buy fewer items if prices were to go up.

According to JPMorgan Chase, tariffs the Trump administration has already imposed on China are estimated to cost the average American household $600 annually - it's expected to rise to $1,000 with the newest tariffs.