Wilbur Ross: China tariffs would have small effect on US economy

The Commerce Secretary, Wilbur Ross is speaking in Washington about trade:

Key notes:

• Not all trade deficits are the same.
• Trade deficits and surpluses do matter.
• Artificial trade deficits are blamed for and shameful.
• China hasn't abided by the rules since joining the WTO.
• China has stolen intellectual property and forced tech transfers.
• US locked into trade system with rules from different era.
• China and Europe are highly protectionist.
• China's agricultural tariffs will come at a cost to China.
• (Off topic a bit) US Commerce Department issued 10 million patent in June.
• Gap remains wide between US and China demands on trade. 
• He hopes strong Trump/Xi tiess to lead to trade deal.
• China tariffs would have small effect on US economy.
• Inflation effects of China tariffs would be more muted.
• Says ZTE move shows China's dependence on US.
• ZTE is an enforcement action separate from trade.
• ZTE did do some inappropriate things;
• Question is are there alternative sanctions for ZTEZTE violated sanctions, made inaccurate statements.