Donald Trump has repeatedly promised to bring down the price of “everything” on his first day back in office. However, in a recent Fox News interview, he offered no clear timeline or policy details on how his administration would achieve this goal. Critics and economists are questioning whether his proposed measures—including tariffs and deregulation—will actually reduce inflation or further burden consumers.
The former president’s comments come as inflation remains a pressing issue for American households. A CBS/YouGov poll suggests that while a majority approve of his overall performance, two-thirds believe his administration is not doing enough to lower prices.
Trump’s Economic Proposals Raise Questions over Effectiveness
During the Fox News interview, Trump deflected direct questions on how he would immediately bring down prices, instead touting his past trade policies and threatening new tariffs. When pressed on whether import taxes would increase costs for consumers, he acknowledged that they “might” but insisted that his administration was pursuing “amazing things” for the economy.
Among Trump’s key proposals is a 100% tariff on Canadian auto imports, a move that could have wide-ranging effects on both industries and consumers. He has also pledged to increase U.S. fossil fuel production, claiming it will help lower costs. However, experts are sceptical that these measures will provide relief in the short term.
Francisco Blanch, head of global commodities at Bank of America, told El País that oil production is dictated by market prices, not government policies, adding that “the country is already dominant in energy production” and that a global surplus exists.
Similarly, Trump’s plan to impose tariffs on Mexico and Canada, which supply nearly half of U.S. food imports, has raised concerns among analysts. Rob Fox, an economist at CoBank’s Knowledge Exchange, warned that these imports are not easily replaceable, stating, “I can’t go out and plant tomatoes in Illinois in January and hope to replace them.” If tariffs increase the cost of food imports, it could further strain household budgets.
White House Defends Policies amid Economic Concerns
The Trump administration has defended its economic approach, attributing current price increases to decisions made under Joe Biden. White House Press Secretary Karoline Leavitt recently blamed the high cost of eggs on mass culls of poultry during the Biden years, stating that the Department of Agriculture was responsible for the killing of more than 100 million chickens. However, this overlooks the fact that similar measures were taken under both administrations due to bird flu outbreaks.
Additionally, new tariffs on steel and aluminium have sparked fears of rising costs for consumer goods. Dean Baker, senior economist at The Center for Economic and Policy Research, told CBS News that taxing imported steel would “raise the price of everything that uses that—cars first and foremost.” This contradicts Trump’s promise to cut costs for the average American.
