Wilbur Ross: tariffs on Chinese goods won’t lead to disaster

The new duties which the United States threatened to impose almost half imported from China goods will not affect much on the economy of this country and will not lead to disaster, assured on Thursday the trade Minister Wilbur Ross, while the us financial markets there has been a decline in concerns because of the trade confrontation between the two largest economies in the world.

“This is not a measure that may entail catastrophic consequences,” said Ross in an interview with Fox Business News, explaining that the losses from a 25 percent duties on goods with a total volume of $ 200 billion amounts to only 50 billion per year, less than 1 per cent of China’s economy.

According to Ross, the President trump “believes that now, perhaps, it is time to exert more pressure” on China to “correct his behavior”.

U.S. trade representative Robert Lighthizer said Wednesday that trump has ordered to raise the fees by 10 percent, as suggested earlier, and 25, because China refused to comply with the United States and imposed retaliatory duties on American goods.

Threats trump had an impact on the Chinese financial markets. However, the head of Chinese diplomacy Wang Yi said that the attempts of the US authorities to put pressure on China will be in vain, and urged them to “calm down”.