Commerce Sec Ross: steel & aluminum tariffs will have a broad effect on trading partners, but its a trivial effect on costs to consumers - CNBC interview
- The tariff has to be broad and global to solve the fundamental problem
- The drop in GM market cap in reaction to the tariffs is a "tremendous overreaction"
- Costs of consumer products will rise by only a trivial amount, a fraction of a cent on a can of soup or a can of soda
- Protection of intellectual property is very import and China has not been very respectful of it
- Will not allow dumped product to kill American jobs; tens of thousands of jobs have been lost in steel and aluminum industry over the last two decades; expect to see tens of thousands of new jobs created after tariffs go into effect
- Not concerned about a trade war; the is is still the least protectionist marke