During an appearance on "Squawk on the Street," Ross said the tariffs will have a "broad" but "trivial" impact on prices. "What was announced yesterday by the president is a very broad concept," he said.
Ross used a can of Campbell's Soup to stress his point about what he calls insignificant price increases from Trump's tariffs.
"In a can of Campbell's Soup, there are about 2.6 pennies worth of steel. So if that goes up by 25 percent, that's about six-tenths of 1 cent on the price on a can of Campbell's Soup," Ross contended. "I just bought this can today at a 7-Eleven ... and it priced at a $1.99. Who in the world is going to be too bothered?"
