Trump has railed against value-added tax as a burden to U.S. companies, although economists say this kind of tax is trade-neutral because it applies equally to imports and exports. Value-added tax, or VAT, is paid by the end purchaser at the cash register but differs from sales taxes in that it is calculated at each stage of the production process.

Consumer sentiment about President Trump's tariffs appears to signal a disconnect with his feelings about the future of the U.S. economy. Isabel Wang, a markets reporter at MarketWatch, joins CBS News with more.

U.S. President Donald Trump on Sunday said the U.S. was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal.