Campbell Soup Company executives saw Commerce Secretary Wilbur Ross use a can of their soup to defend the Trump administration's new steel tariffs on Friday — and their response is not so "M'm M'm good!"
Ross — holding up a can of chicken noodle soup on CNBC — said: "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. I just bought this can today ... at a $1.99. Who in the world is going to be too bothered?"
But a spokesperson for Campbell — known for its iconic jingle "M'm M'm Good! M'm, M'm Good! That's what Campbell's Soups are M'm M'm Good!" — told the business news network the tariffs "will result in higher prices" and affect company costs.
"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," Campbell told CNBC.
On Thursday, Trump announced new tariffs on aluminum and steel, a move that roiled the stock market and sparking fears among economists of a trade war.
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