Commerce Sec. Ross: Now is good time for a trade spat

Commerce secretary Ross speaking about trade

The Commerce Secretary Wilbur Ross is on the wires saying:

• Now is a good time for a trade spat because of the booming economy
• It will take time to resolve trade imbalances

The US and China are expected to slap $16 billion of new tariffs on each other at the end of day.

The first wave of tariffs which took effect in July totaled $34 billion in Chinese imports, including farm equipment, motor vehicles, medical equipment and products made of aluminum and steel.

This round includes a 25 percent tariff and will impact 279 product lines including electronics, plastics and railway freight cars.

The administration is proposing an additional $200B if there is no progress on trade.

A lower level China trade representative is meeting with US trade representatives in Washington today. There is not a lot of expectations from the meeting, but then again, it is a good time for a spat. So spat it will be....