China's Haier Group said rising steel prices amid hefty US import tariffs are driving up costs for its business in the US, and it warned that consumers stood to lose the most from bilateral trade tensions.

GE Appliances in the US, which Haier bought in 2016 from GE, has already raised its prices twice this year to cope with rising costs, said Haier's overseas managing director, Li Pan.

"Currently, the challenge is inflation, not only from steel but also the other commodities," he said.