Commerce Secretary Wilbur Ross said on CNBC Tuesday that Americans won't notice price increases stemming from new tariffs on $200 billion worth of Chinese goods because they'll be "spread over thousands and thousands of products."
The big picture: The new tariffs, which will start out at a rate of 10% and could increase to 25% by the end of the year, will affect a far greater cross section of consumer goods than the previous round. 23% of the imports targeted are consumer goods, according to the Peterson Institute for International Economics, and include everyday items like furniture ($11 billion), chair seats ($10 billion) and computers ($8 billion).