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Commerce Secretary Wilbur Ross appeared on CNBC Friday to argue that Trump's steel tariffs are "no big deal," and he brought props with him to prove it, including a can of Cambell's soup, a can of Coke, and a can of beer. Holding up the chicken noodle, he opined:
"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 argued. "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?"
Who indeed? Maybe Campbell, who noted "Any new broad-based tariffs on imported tin plate steel—an insufficient amount of which is produced in the U.S.—will result in higher prices on one of the safest and more affordable parts of the food supply."
Or maybe a family relying on the Supplemental Nutrition Assistance Program to be able to eat. Because that family gets, on average, "about $126 per month [per person], which works out to about $1.40 per person per meal."
So that can of Campbell's chicken noodle is already practically a luxury item. It'll be totally out of reach if Trump's proposed 30 percent cut in food stamps is enacted.