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However, Ross told CNBC on Tuesday, "Nobody is going to actually notice it at the end of the day," because the hikes will be "spread across thousands and thousands of products."
"If you have a 10 percent tariff on another $200 billion, that's $20 billion a year. That's a tiny, tiny, tiny fraction of 1 percent [of] inflation in the U.S.," Ross said.
The Trump administration on Monday announced tariffs of 10 percent on another $200 billion worth of Chinese imports, rising to 25 percent at the end of the year.
In response Tuesday morning, China said it will institute retaliatory tariffs on U.S. goods worth $60 billion on Monday.