US President Donald Trump boasted on Tuesday that prices of various goods, both retail and non-retail, are seeing a "big" drop thanks to him, even as inflation is rising in the US, according to the latest available statistics, dating back to September.
The Republican billionaire, during a public speech in Pennsylvania to promote his economic policy, accused opposition Democrats of "fraud" as they criticize the high cost of living in the country.
"Democrats say 'prices are too high.' Yes, they are too high because they are making them so high. But now they are starting to come down," Trump told the crowd.
Trump has repeatedly blamed his predecessor, Democrat Joe Biden, for inflation, even as his aggressive policies have led to rising prices that had begun to stabilize after rising to 40-year highs in 2022. Inflation began to accelerate after Trump announced sweeping tariffs in April. Businesses have warned that import taxes could be passed on to consumers in the form of higher prices and reduced employment, but Trump continues to insist that inflation has fallen and that it has fueled stronger growth.
“We’ve taken hundreds of billions of dollars, trillions in fact,” Trump said. “If you add to that all the companies that are putting their money into building factories in Pennsylvania and many other states. Car factories, artificial intelligence factories, factories of all kinds that we would never have had if we hadn’t put the tariffs in place.”
It's true that the U.S. government has collected billions of dollars from Trump's tariffs so far this year. If current tariffs remain in place, the U.S. government will collect about $2.3 trillion between 2026 and 2035, according to the Tax Policy Center.
However, many economists warn that the tariffs are already contributing to higher prices for some goods, and more companies have warned that they will raise prices if the tariffs remain in place.
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