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Commerce Secretary Wilbur Ross made an appearance on CNBC to defend President Donald Trump's proposed steel tariffs, saying they are "no big deal." He also used a can of Campbell's Soup to defend what he insists will be their minimal impact.

"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," Ross argued. "I just bought this can today at a 7-Eleven ... and it priced at a $1.99. Who in the world is going to be too bothered?"

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