Trump promised to lower prices for Americans. Here's what the data shows.
President Donald Trump campaigned in 2024 on promises to lower Americans cost of living, vowing to push gasoline prices below $2 a gallon. Data from the New York Federal Reserve shows that inflation on many everyday items was entirely due to tariffs. The NY Fed found that Trump tariffs added 2.9 points to consumer goods inflation, and that tariffs can keep pushing up goods prices for a year.
Listen to Live Briefing
Real-time synthesized voice briefing · Live Feeds Desk
- ✓ President Donald Trump campaigned in 2024 on promises to lower Americans cost of living, vowing to push gasoline prices below $2 a gallon.
- ✓ Inflation on many everyday items was entirely due to tariffs, according to the New York Federal Reserve.
- ✓ Trump tariffs added 2.9 points to consumer goods inflation, the NY Fed found.
- ✓ Tariffs can keep pushing up goods prices for a year, according to NY Fed findings.
What changed
Recent analyses from the New York Federal Reserve quantified the specific impact of tariffs on consumer goods inflation.
Live updates
-
Data Shows Trump Tariffs Fueling Inflation
President Donald Trump campaigned in 2024 on promises to lower Americans cost of living, vowing to push gasoline prices below $2 a gallon. Data from the New York Federal Reserve shows that inflation on many everyday items was entirely due to tariffs. The NY Fed found that Trump tariffs added 2.9 points to consumer goods inflation, and that tariffs can keep pushing up goods prices for a year.
Why it matters
American consumers continue to face higher costs for gas and groceries despite the promises made during the 2024 campaign. The data from the New York Federal Reserve highlights the direct role trade policies play in household expenses.
What is confirmed
- President Donald Trump campaigned in 2024 on promises to lower Americans cost of living, vowing to push gasoline prices below $2 a gallon.
- Inflation on many everyday items was entirely due to tariffs, according to the New York Federal Reserve.
- Trump tariffs added 2.9 points to consumer goods inflation, the NY Fed found.
- Tariffs can keep pushing up goods prices for a year, according to NY Fed findings.
What to watch next
- Further economic data tracking the duration of tariff pass-through into consumer prices
- Updates on gasoline and grocery price trends for American consumers
confidence 100%Sources used for this update (18)
- CNBC — Inflation on many everyday items was entirely due to tariffs, NY Fed says
- Liberty Street Economics — How Fast Do Tariffs Pass Through into Consumer Prices?
- Axios — Tariffs can keep pushing up goods prices for a year, NY Fed finds
- Yahoo Finance — NY Fed: Trump tariffs added 2.9 points to consumer goods inflation
- The Washington Post — Tariffs drove up prices for consumer goods, study finds
- CBS News — Trump promised to lower prices for Americans. Here's what the data shows.
- KOMO — New York Federal Reserve says inflation on everyday items is because of tariffs
- time.com — Republicans Condemn Trump’s Diesel Deal With Russia’s Putin
- www.newsweek.com — Iran War Has Cost American Families Nearly $2,000, Economist Says
- www.inquirer.com — Delay and Despair
- businessjournaldaily.com — Trump Pledges SOBE Support at Rally for Husted, Ramaswamy
- www.irishtimes.com — Obama tells Belfast event ‘democracy not inevitable’ but keeps Trump criticism subtle
Community Sentiment: How do you assess this situation?
Voice your perspective · Real-time aggregated sentiment from the Live Feeds community