Billionaire Trump Official Says Consumers Won’t Notice $20 Billion Price Increases From Trump’s Trade War

Secretary of Commerce and billionaire Wilbur Ross claimed that Americans will not notice the price increases from President Donald Trump’s new $20-billion tariff on Chinese goods.

Ross, who was worth $2.9 billion in 2016, made his bizarre claim on CNBC:

If you have a 10 percent tariff on another $200 billion, that’s $20 billion a year. That’s a tiny, tiny, tiny fraction of 1 percent total inflation in the U.S. Because it’s spread over thousands and thousands of products, nobody’s gonna actually notice it at the end of the day.

(Sources: CNBC via YouTube, TIME, The New York Times)

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