New U.S. tariffs on Chinese goods not "cataclysmic", says Wilbur Ross

"It's not something that's going to be cataclysmic," Wilbur Ross said in an interview with Fox Business News

New tariffs that the United States is threatening to impose on nearly half the goods imported from China would have a small effect on the Asian nation's economy and not lead to disaster, Commerce Secretary Wilbur Ross said on Thursday as markets were set to open lower on the trade stand-off.

"It's not something that's going to be cataclysmic," he said in an interview with Fox Business News, explaining that the 25 percent tariffs on $200 billion of goods would only amount to $50 billion a year, equal to less than 1 percent of China's economy.

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