President Trump championed his import tariffs Saturday as an economic game changer — while predicting the upcoming midterm elections will hinge on “pricing.”
The tariffs have brought in more than $200 billion this year, according to the Customs and Border Protection agency, but face the potential of being struck down by the Supreme Court.
“Tariffs are creating GREAT WEALTH, and unprecedented National Security for the USA. Trade deficit has been cut by 60%, totally unheard of. 4.3% GDP, and going way up. No inflation!!! We are respected as a Country again,” Trump wrote Saturday morning on Truth Social.
Trump has been riding a wave of good vibes about the economy after a recent positive inflation report.
After a recent burst of economic data, affordability is terrain Trump now believes Republicans can prevail on at the ballot box.
“I think it’s going to be about the success of our country. It’ll be about pricing,” Trump said Friday, blaming the Biden Administration for leaving him a mess.
“Because, you know, they gave us high pricing, and we’re bringing it down. Energy’s way down. Gasoline is way down,” he said in comments to Politico.
Trump’s new language on pricing is his answer to what Democrats branded the “affordability crisis” – an issue they hammered to success in the New Jersey governor’s race and elsewhere in off-year elections.
The president also pointed to latest unexpectedly robust Gross Domestic Productdata of 4.3% growth.
“You saw the 4.3 percent?” Trump said, referencing the figure for the July-September. “The Democrats were exploding. Their heads were exploding.”
And he is banking on political gains from cheaper gas prices, which can ripple through the economy.
“You know, when the gasoline goes down and when the oil and oil and gas go down, the electricity comes down naturally. But it’s all coming down. It’s all coming down. It’s coming beautifully,” Trump said.
Consumer gasoline prices have dropped below $3-per-gallon, the lowest since 2021. Data on electricity is more mixed. The advocacy group Climate Power reported this month that electricity bills were up 13% this year.
A proliferation of data centers sucking up more juice are part of the problem. And the US Energy Information Agency is predicting a spike in home energy costs for those relying on oil, natural gas, and electricity.
How people are feeling about the economy, with strains in the job market and inflation, is another matter. The year’s final data from the University of Michigan’s index of consumer sentiment showed a drop of 28.5% from last year.
“Consumers are loud and clear that they believe that the outlook for the economy has soured quite a bit since the beginning of the year,” Joanne Hsu, who directs the survey, told Yahoo Finance.
Americans are even pulling back their charitycontributions as the end of the year approaches, according to an AP/NORC poll.
Control of Congress is up for grabs in November, with Republicans hoping to cling to their narrow 220-213 majority in the House. Republicans control the Senate 53-47. Trump won the White House in 2024 as Americans grumbled to pollsters about the economy and high inflation under President Joe Biden.
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