Don't worry about the $50 billion economic effect of President Trump's trade war — that's pocket change.
Commerce Secretary Wilbur Ross appeared on Mornings With Maria on Thursday to tell the Fox Business host why the escalating tit-for-tat tariffs are no big deal. Trump has been imposing billions of dollars in tariffs on imported products like aluminum and steel, leading to retaliatory tariffs that have hurt American farmers.
"Do you worry that all of this, while good intentioned, is going to actually impact the economy negatively and wipe away what you've been able to achieve from the tax cuts and the rollback in regulations?" asked host Maria Bartiromo, citing the likelihood of inflation and rising prices.
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Ross was unconcerned, putting the situation into "arithmetic perspective." If China follows through on its threat to impose a 25 percent tariff on $200 billion worth of goods, said Ross, that would mean a $50 billion effect on the U.S. economy. "$50 billion a year on an $18 trillion or so economy is three-tenths of 1 percent," he said. "It's not something that's going to be cataclysmic."
Bartiromo was skeptical: "Well, it could be cataclysmic for some companies," she said, leaving Ross to defend the Trump administration against claims that the tariffs have already had negative consequences on American industries. Watch the full interview below, via Fox Business. Summer Meza
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