"He's been misquoted about the 45 percent on China. Everybody says, 'Oh, he's going to slap 45 percent tariff on everything out of China.' That's not what he said, and it's not what he intends," Ross said. "What he actually said was if it turns out that the Chinese yuan is 45 percent overvalued, or as much as 45, and if they won't negotiate with us, then it may become necessary as a negotiating measure to threaten them with as much as a 45 percent tariff."