A long-term trade war would hurt consumers with high prices, former Tiffany & Co. President James Quinn told CNBC.
"If it’s a long-term trade war, it becomes a tax on the consumer," Quinn, who served as president of the luxury jeweler from 2003 until his retirement in 2012, said Monday on "Closing Bell." He joined the company in 1986.
"Those costs will be passed along to the consumer, and it will certainly hurt purchases at the retail level because things will become more expensive," Quinn said.
The Trump administration first proposed tariffs in March to fix what President Donald Trump deemed unfair trading practices. Most recently, the U.S. imposed levies on $34 billion worth of Chinese goods. Beijing responded with tariffs of its own and accused the U.S. of causing the "largest trade war in economic history."