China's influence on the Panama Canal is a major risk to U.S. national security, Sen. Ted Cruz told lawmakers during a Senate hearing on Capitol Hill.

In the run up to the election Trump, who described tariffs as "the most beautiful word in the dictionary," vowed hikes as high as 60 percent on Chinese goods, saying this would not only protect domestic industries but serve as critical tax revenue. Economists have pointed out such a move would raise costs for American consumers.