China is facing a double whammy: corrosive deflation and tariffs that threaten to block trade. Chinese workers will be the biggest casualties.

In a Tuesday social media post, President Donald Trump claimed he will protect farmers and said he recognizes he had to support them financially during his first administration after they were hit by a trade war with China.

The White House said China is facing up to a 245 percent tariff on imports to the U.S. "as a result of its retaliatory actions," as the trade war between the world's two largest economies continues to heat up.