Tom Cotton says sacrifice of Americans paying tariffs is “minimal” compared to those serving overseas

As the U.S. and China inch closer to an all-out trade war, Arkansas Sen. Tom Cotton says that the sacrifice Americans will pay for President Trump's tariffs are "minimal" compared to those serving overseas. President Trump has maintained that Americans would not be fronting the brunt of the cost for tariffs, but many, including the president's own economic adviser, say they will.

"There will be some sacrifices on the part of Americans, I grant you that, but I also would say that sacrifice is pretty minimal compared to the sacrifices that our soldiers make overseas that are fallen heroes that are laid to rest in Arlington make," Cotton told "CBS This Morning" when asked about the impact of tariffs on farmers in his own state of Arkansas.

Cotton, the author of "Sacred Duty: A Soldier's Tour at Arlington National Cemetery," said that in the long term, the goal is to make sure that the U.S. "remains preeminent as a global super power both in the economic and the security" worlds.

The price tag for that "preeminence" on the average American family, according to trade experts falls between $700 to $1,000.

"If we remain the world's largest economy and the world's largest economic super power in the short term, I say it is worth that cost," said Cotton.

Read the full story and see video of the full interview at CBSNews.com.