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In a Truth Social post on Monday, President Donald Trump falsely insinuated that his administration’s across-the-board tariffs on dozens of countries wouldn’t affect consumer costs in the U.S., and that prices of commonly purchased goods were, in fact, decreasing.
“Oil prices are down,” Trump asserted, adding that “food prices are down” and that there “is NO INFLATION.”
In previous posts, Trump described his tariffs as “a very beautiful thing” and dismissed criticisms of them as being “weak” and “stupid.”
“Don’t be a PANICAN (A new party based on Weak and Stupid people!),” Trump wrote in one of those posts. “Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
Several economists have criticized the tariffs as being detrimental to the nation’s economy, and have derided Trump’s calculations as flawed. Despite markets collapsing for several days now following news of his tariffs, Trump has attacked journalists who have asked basic questions regarding the policy.
Asked on Air Force One if there was a “threshold” of economic pain in the markets that would make him reconsider the policy, Trump demurred, saying the “question is so stupid.”
“I don’t want anything to go down, but sometimes you have to take medicine to fix something,” Trump added.
Trump’s rosy analysis of how his tariffs will affect the economy flies in the face of past outcomes. Indeed, when Trump instituted a smaller level of tariffs during his first presidency, U.S. consumers ended up paying $80 billion in what many considered to essentially be a sales tax. Meanwhile, executives at several nationwide stores (including Walmart, AutoZone, Black & Decker, and more) have stated that they would have to raise prices in order to pay for this current round of tariffs.
The president is also mischaracterizing the trajectory of prices since he took office. Consumer prices have increased in recent years due to supply chain issues as well as greedflation — a phenomenon wherein companies, reacting to natural inflationary events, drive up costs even higher to increase profits.
Prices have continued to go up under Trump, despite his claims that they have gone down. After peaking at above $8.20 per dozen on wholesale costs, eggs are currently down to $3.28 per dozen. But that metric doesn’t account for the fact that several grocery store chains have kept prices higher — a dozen eggs at a Kroger store in Texas City, Texas, costs $5.89, for instance, while a dozen at an Aldi store in Tallahassee, Florida, costs $6.59, as of Monday.
Trump is also misleading Americans on the cost of oil and gas. As of March 31, a gallon of gasoline cost around $3.162, up from $3.043 a week prior to Trump assuming office. While not a significant increase, it certainly isn’t a sign that costs have gone down for consumers.
An analysis of Trump’s tariffs as announced last week shows that they will cost the average family an additional $3,800 per year, or just over $300 in additional spending per month. The tariffs will also negatively impact millions of Americans’ personal retirement accounts, as most are tied to the outcomes of the stock market.
Beyond the economic effects, the tariffs could also play a role in dismantling democracy, Sen. Chris Murphy (D-Connecticut) posited late last week, describing the president’s actions as an oligarchic ploy to “compel pledges of loyalty” from companies and industries in the U.S.
“It’s not economic policy, it’s not trade policy. It’s a political weapon designed to collapse our democracy,” Murphy said.
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