Commerce Secretary Wilbur Ross insists the $50 billion cost of Trump's trade war is hardly 'cataclysmic'


Don't worry about the $50 billion economic effect of President Trump's trade war — that's pocket change.
Commerce Secretary Wilbur Ross appeared on Mornings With Maria on Thursday to tell the Fox Business host why the escalating tit-for-tat tariffs are no big deal. Trump has been imposing billions of dollars in tariffs on imported products like aluminum and steel, leading to retaliatory tariffs that have hurt American farmers.
"Do you worry that all of this, while good intentioned, is going to actually impact the economy negatively and wipe away what you've been able to achieve from the tax cuts and the rollback in regulations?" asked host Maria Bartiromo, citing the likelihood of inflation and rising prices.
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.
Ross was unconcerned, putting the situation into "arithmetic perspective." If China follows through on its threat to impose a 25 percent tariff on $200 billion worth of goods, said Ross, that would mean a $50 billion effect on the U.S. economy. "$50 billion a year on an $18 trillion or so economy is three-tenths of 1 percent," he said. "It's not something that's going to be cataclysmic."
Bartiromo was skeptical: "Well, it could be cataclysmic for some companies," she said, leaving Ross to defend the Trump administration against claims that the tariffs have already had negative consequences on American industries. Watch the full interview below, via Fox Business. Summer Meza
Watch the latest video at scayt-misspell-word" scayt-misspell-word" data-scayt-word="data-scayt-word" data-wsc-lang="en_US">data-scayt-word="scayt-misspell-word" data-scayt-word="scayt-misspell-word" data-wsc-lang="en_US">scayt-misspell-word" scayt-misspell-word" data-scayt-word="data-wsc-lang" data-wsc-lang="en_US">data-wsc-lang="en_US">scayt-misspell-word" data-scayt-word="scayt-misspell-word" data-wsc-lang="en_US">scayt-misspell-word" scayt-misspell-word" data-scayt-word="scayt-misspell-word" data-wsc-lang="en_US">scayt-misspell-word" scayt-misspell-word" data-scayt-word="data-scayt-word" data-wsc-lang="en_US">data-scayt-word="scayt-misspell-word" data-scayt-word="data-scayt-word" data-wsc-lang="en_US">data-scayt-word" scayt-misspell-word" data-scayt-word="data-wsc-lang" data-wsc-lang="en_US">data-wsc-lang="en_US">scayt-misspell-word" data-scayt-word="data-scayt-word" data-wsc-lang="en_US">data-scayt-word="scayt-misspell-word" data-scayt-word="scayt-misspell-word" data-wsc-lang="en_US">scayt-misspell-word" scayt-misspell-word" data-scayt-word="data-scayt-word" data-wsc-lang="en_US">data-scayt-word="scayt-misspell-word" data-scayt-word="href" data-wsc-lang="en_US">href" scayt-misspell-word" data-scayt-word="data-wsc-lang" data-wsc-lang="en_US">data-wsc-lang="en_US">scayt-misspell-word" data-scayt-word="href" data-wsc-lang="en_US">href" scayt-misspell-word" data-scayt-word="scayt-misspell-word" data-wsc-lang="en_US">scayt-misspell-word" scayt-misspell-word" data-scayt-word="data-scayt-word" data-wsc-lang="en_US">data-scayt-word="scayt-misspell-word" data-scayt-word="data-wsc-lang" data-wsc-lang="en_US">data-wsc-lang" scayt-misspell-word" data-scayt-word="data-wsc-lang" data-wsc-lang="en_US">data-wsc-lang="en_US">scayt-misspell-word" data-scayt-word="data-wsc-lang" data-wsc-lang="en_US">data-wsc-lang="en_US">scayt-misspell-word" data-scayt-word="scayt-misspell-word" data-wsc-lang="en_US">scayt-misspell-word" scayt-misspell-word" data-scayt-word="data-scayt-word" data-wsc-lang="en_US">data-scayt-word="scayt-misspell-word" data-scayt-word="href" data-wsc-lang="en_US">href" scayt-misspell-word" data-scayt-word="data-wsc-lang" data-wsc-lang="en_US">data-wsc-lang="en_US">scayt-misspell-word" data-scayt-word="href" data-wsc-lang="en_US">href="http://www.foxbusiness.com">foxbusiness.com
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
Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.
-
Trump’s budget bill will increase the deficit. Does it matter?
Today's Big Question Analysts worry a 'tipping point' is coming
-
Film reviews: The Phoenician Scheme, Bring Her Back, and Jane Austen Wrecked My Life
Feature A despised mogul seeks a fresh triumph, orphaned siblings land with a nightmare foster mother, and a Jane fan finds herself in a love triangle
-
Music reviews: Tune-Yards and PinkPantheress
Feature "Better Dreaming" and "Fancy That"
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect