Trump tariffs: Impact on beer, cars is 'trivial,' Wilbur Ross says


In appearances on US television news shows, Ross sought to contain the global fallout from Trump's tariff announcement, insisting the proposals would not hurt the USA economy and playing down the effects of any retaliatory strikes.

"In a can of Campbell's Soup, there are about 2.6 pennies worth of steel". He even took to CNBC this morning and used cans of Campbell's Soup, Coca-Cola and Budweiser to explain how the tariffs are, in the words of Carl Spackler, "No big deal".

There was no indication Trump was considering lower tariffs or exemptions for any countries, Ross said.

At North American trade talks in Mexico City, Republican representative Kevin Brady, the top USA lawmaker on trade policy, said the administration should exempt current aluminium and steel contracts to avoid business uncertainty.

Earlier Friday, Trump took to Twitter to defend his coming trade actions, writing "trade wars are good" and saying the US steel industry must be protected because "IF YOU DON'T HAVE STEEL, YOU DON'T HAVE A COUNTRY!"

Earlier in the day, a major Korean business lobby, Federation of Korean Industries, said it has asked 565 United States lawmakers, officials and opinion leaders to press the Trump administration to reconsider the action.

"In our size economy that's a tiny, tiny fraction of 1 per cent", Ross said.

Ross played down the possible effects of the proposed tariffs on the US economy.

On Thursday, he said he would introduce a tariff of 25 percent on steel and 10 percent on aluminum.

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Trump tweets Sunday night that the American "steel and aluminum industries are dead".

Saturday, President Trump threatened European automakers with a tax on imports if the European Union retaliates.

"This will cause huge damage across broad sectors of the economy", he said.

Mr. Ross said he didn't know anything about rumors of Mr. Cohn's resignation. It isn't going to change the price of a auto.

Is it really too much to ask for people who work for the federal government in Washington shop around for lower prices before they buy anything? The growth went hand in hand with the country's efforts to urbanize, but China also overbuilt entire "ghost cities" that didn't lure new residents.

U.K. Prime Minister Theresa May expressed "deep concern" over the tariffs during a phone call with Trump on Sunday.

"We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk", he said.

American allies including Canada have protested the planned protectionist move by the president, saying they shouldn't be covered by Trump's planned 25 percent tariffs on steel and 10 percent on aluminum. "China wins when we fight with Europe", he said.

DiNicco said Trump needs to get tough with China, whose entry into the World Trade Organization in 2001 accelerated the decline of US factories. "We've been in a trade war, and we're the ones that have been decimated because of this".