President Donald Trump on Wednesday acknowledged that his tariffs could result in fewer and costlier products in the United States, saying American kids might "have two dolls instead of 30 dolls," but he insisted China will suffer more from his trade war.

For the first time, President Donald Trump is acknowledging his tariffs on China could cause shortages of consumer goods and higher prices. It comes as the U.S. economy shrank in the first three months of this year,

The US economy unexpectedly contracted in the first three months of the year on an import surge triggered by Donald Trump's tariff plans, although the president pinned the blame squarely