Trump Admits His Tariffs Might Worsen Inflation

President Donald Trump acknowledged that the tariffs his administration is implementing may drive up prices temporarily in a recent press conference in the Oval Office. The administration has already implemented a 10% tariff on goods from China while postponing ones on Canada and Mexico for the moment.

Trump said he expects prices to rise initially. “I think what’s going to go up is jobs are going to go up, and the prices could go up somewhat short-term, but prices will also go down. And I think the farmers are getting hurt very badly by the last administration,” stated Trump.

Trump said that the Biden administration hurt farmers, and he thinks the farmers and manufacturers would be helped with his tariffs.

The president projected confidence that jobs would be rapidly produced by the policy change.

“We know that, we think interest rates are going to ultimately be coming down because of things that happen, and they go hand in hand with the tariffs. But we think that we think that the prices for some things, many things, it could be all things will go down – ultimately will go down,” said Trump.