Trump downplays inflation, focuses on energy
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ABC News

ABC News

3mon ago

US Politics

US Politics

Trump says inflation isn't his No. 1 issue. So what will happen to consumer prices?

ABC News
Summary
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Inflation was a driving force behind Donald Trump's election victory, but he's put the issue on the back burner during his first week in office.

Inflation peaked at a 9.1% annual rate in June 2022 during worldwide supply chain problems after the coronavirus pandemic.

Trump is banking on voters giving him a pass and continuing to blame former President Joe Biden for high prices.

There is a risk that some of Trump 's plans taken as a whole could raise — not reduce — prices.

Deporting migrants who are in the United States illegally could deprive companies of lower wage workers.

The cost of tariffs, which are taxes placed on foreign imports, could be passed on to consumers.

Trump believes that greater oil production will put him in a position to tell the Fed what to do.