Commerce Secretary Wilbur Ross dismisses paying more for cars due to Trump's tariffs as 'no big deal'
Commerce Secretary Wilbur Ross dismissed concerns about Americans paying higher prices for cars as a result of President Trump's steel tariff as "no big deal" in comments that are widely being slammed as "tone deaf" and "out of touch."
Ross argued that one ton of steel costs about $700, and there is about one ton of steel in a car, "so 25 percent on that would be one half of 1 percent price increase on the typical $35,000 car. So it's no big deal."
People weren't sold:
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Additionally, while the average price of a new car is around $33,000, most Americans cannot afford that.
To be fair, to Ross it probably is crumbs: He is worth $860 million, and trotted out to Trump's State of the Union in custom $500 slippers emblazoned with the Commerce Department's logo. Watch more of his comments on CNBC below. Jeva Lange
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Olive oil: alternatives for the 'liquid gold'
The Week Recommends As the price of this store cupboard staple has rocketed, we look at ways to save and other oils to use for cooking
By Adrienne Wyper, The Week UK Published
-
Scotland Yard, Gaza and the politics of policing protests
Talking Point Met Police accused of 'two-tier policing' by former home secretary as new footage emerges of latest flashpoint
By The Week UK Published
-
'Cure for Trump amnesia might be his NY trial'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published