The 145% tariff on Chinese imports imposed by Trump will halt most trade between the US and China.

"It depends on how narrowly or broadly the tariff is applied, but generally speaking, if the tariff exceeds a three-digit value, you stop most trade," said the vice president for federal tax policy at the Center for Federal Tax Policy at the Tax Foundation on the program 'The Exchange' on CNBC.

"There may still be some things that have no substitutes, and companies just have to pay the bills, but in most cases, that solves the problem!"