BEIJING (AP) — Commerce Secretary Wilbur Ross is brushing off concern over trade war with China. In an interview with CNBC Wednesday morning, Ross said that tariffs imposed by China amount to 0.3 percent of U.S. GDP and that some action on tariffs has been “coming for a while.”
“What we’re talking about on both sides is a fraction of 1 percent of both economies,” he said.
The larger concern, Ross said, is the protection of U.S. intellectual property.
Still, U.S. stock futures slumped over concerns that the back-and-forth tariff actions will stunt trade and growth. Ross said he would not comment on the stock market’s reaction, but then said he thinks “it’s being out of proportion.”