‘I will end inflation’: Trump said he would bring costs down despite inflation now being on the rise

President Donald Trump has made a series of promises during his campaign trail, including lowering the cost of goods. “Make America Affordable Again” was supposedly a top priority, but it’s taking longer than expected.

According to the Bureau of Labor Statistics, the consumer price index rose by 3% from 2024. Food, used cars, gasoline prices, and medical care, among other things, were affected by inflation. There have been online anecdotes of overpriced eggs on social media, and it seems that there’s truth to the phenomenon. The Associated Press reported that wealthier consumers remain strong spenders. In turn, companies don’t see a reason to lower the prices of commodities. “I will end inflation” has been a line that Trump consistently invoked during the presidential race, but he hasn’t given concrete measures.

Although inflation is a primary discussion on social media, President Trump has been prioritizing matters related to border security and immigration. Canada and Mexico had been given 25% tariffs early in February. Trump sees this as a measure to hold both accountable for illegal border crossings and fentanyl trafficking. Both countries managed to stall the tariffs for now. Regardless, the tariffs are expected to take effect sometime in March if Trump isn’t satisfied.

Trump can’t have his cake and eat it too

More surprisingly, Trump has already announced his new plan to tariff other countries. On February 12, the president declared that all imports of aluminum and steel would be tariffed at 25% without exception. These measures will take effect on March 12.

“This is a big deal, the beginning of making America rich again.” Never mind that tariffs on these key resources will make the production of automobiles, home goods, and appliances more costly. In Trump’s perspective, tariffing all exports of aluminum and steel will force Americans to manufacture their own. There’s no gradual shift to manufacturing these commodities, which may send Americans in for a shock. After all, the United States is the world’s largest importer of aluminum and steel.

The EU already intends to hit several US exports with tariffs of their own upon Trump’s announcement to tax steel imports. Trump can’t have his cake and eat it—he can’t have his tariffs and promise to defeat inflation. Trump can’t have his cake and eat it too. More overtly, he can’t have his tariffs and promise to defeat inflation. According to the World Bank, tariff increases are worse off for output and productivity on a macroeconomic level. Additionally, unemployment and increased inequality follow after massive tariffs.

The Aspen Economic Strategy Group also analyzed Trump’s former tariffs from 2017. They explained that the account deficit of the United States rose from $85.5 billion at the start of Trump’s term to $180 billion by the end of his term. Chinese manufacturers, on the other hand, set up factories outside of China to avoid Trump’s tariffs. In the end, the United States is still dependent on other allies for imports and lost more in terms of export profits. The point being, stubborn protectionism isn’t likely to bolster new industries. It most certainly won’t help with inflation and can make it worse.