Commerce Secretary Wilbur Ross told CNBC on Tuesday that new U.S. tariffs on China are aimed at modifying China's behavior and leveling the playing field for American companies competing there.
China is "out of bullets" to retaliate, said Ross on "Squawk Box."
He appeared on the morning after the Trump administration announced that President Donald Trump will impose 10 percent tariffs on $200 billion worth of Chinese imports, with those duties rising to 25 percent at the end of the year.
The White House removed about 300 goods from a previously proposed list of affected products, including smart watches, some chemicals, and other products such as bicycle helmets and high chairs.
The tariffs are not "shot from the hip," Ross told CNBC, adding he sees only a minimal inflation impact from price hikes as a result of the trade measures.
"If China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports," Trump said in a statement.
Ross said on Tuesday that Trump is trying to incentivize China for productive talks.
This is a breaking news story. Check back shortly for updates.
— CNBC's Jacob Pramuk contributed to this report.
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