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Campbell's president and CEO Mick Beekhuizen made the comments in a news release announcing the company's quarterly earnings on Monday, June 2. The company with a huge brand portfolio, including Pepperidge Farms, Rao's, and Cape Cod Potato Chips, reported a 4% increase in net sales.
Beekhuizen's comments come as economic pressure mounts for many Americans due to Trump's global trade wars.
"Consumers are cooking at home at the highest levels since early 2020 and turning to our brands for value, quality, and convenience," he said.
The statement also comes as Trump's tariffs face several legal challenges. The US Court of Appeals for the Federal Circuit temporarily paused a lower court's block on the "liberation day" duties, which Trump has imposed while invoking the International Emergency Economic Powers Act.
Trump has also pledged to escalate tariffs on aluminum and steel even higher, doubling them to 50%. He announced the tariff hike at a western Pennsylvania rally on Friday, May 30.
High aluminum tariffs especially hurt a company like Campbell's, which is known for its widely popular chicken noodle soup and many other canned products. The duty escalation comes amid what Trump claims is a "blockbuster agreement" between Japanese steelmaker Nippon Steel and U.S. Steel.
The chaos surrounding Trump's constant tariff threats and retreats has taken a toll on investors and consumers. Wall Street brokers have coined the term "TACO," meaning "Trump Always Chickens Out," to explain wild market swings caused by Trump's trade moves, a term that Trump has angrily rejected.
Meanwhile, shoppers have shown fatigue during Trump's return to office, with the closely watched University of Michigan consumer sentiment index sinking and remaining near historic lows throughout 2025.
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