However, Ross told CNBC on Tuesday, "Nobody is going to actually notice it at the end of the day," because the hikes will be "spread across thousands and thousands of products."

Commerce Secretary Wilbur Ross concedes that prices in the U.S. will increase as a result of the new China tariffs put in place by President Donald Trump .

"If you have a 10 percent tariff on another $200 billion, that's $20 billion a year. That's a tiny, tiny, tiny fraction of 1 percent [of] inflation in the U.S.," Ross said.

The Trump administration on Monday announced tariffs of 10 percent on another $200 billion worth of Chinese imports, rising to 25 percent at the end of the year.

In response Tuesday morning, China said it will institute retaliatory tariffs on U.S. goods worth $60 billion on Monday.

Before China weighed in, Ross said on "Squawk Box" that China is "out of bullets" to retaliate because its imports to the U.S. are nearly four times larger than the U.S. exports to China.