No easy fixes on inflation for president

Like Biden before him, Trump finds he can’t tame rising prices that are frustrating voters.

- BY JOSH BOAK

PRESIDENT TRUMP acknowledged that his tariffs “may, in some cases,” have contributed to higher prices.

(MARK SCHIEFELBEIN Associated Press)

President Trump’s problems with fixing the high cost of living might be giving voters a feeling of deja vu.

Just like the president who came before him, Trump is trying to sell the country on his plans to create factory jobs. The Republican says he wants to lower prescription drug costs, as did Democratic President Biden. Both tried to shame companies for price increases.

Trump is even leaning on a message that echoes Biden’s assertions in 2021 that elevated inflation is a “transitory” problem that will soon vanish.

“We're going to be hitting 1.5% pretty soon,” Trump told reporters last week. “It’s all coming down.”

Even as Trump keeps saying an economic boom is around the corner, there are signs that he has already exhausted voters’ patience as his campaign promises to quickly fix inflation have gone unfulfilled.

Election discontent

Voters in this month's elections swung hard to Democrats over concerns about affordability. That has left Trump, who dismisses his weak polling on the economy as fake, floating half-formed ideas to ease financial pressures.

He is promising a $2,000 rebate on his tariffs and said he may offer 50-year mortgages — 20 years longer than any available now — to reduce the size of monthly payments. On Friday, Trump scrapped his tariffs on beef, coffee, tea, fruit juice, cocoa, spices, bananas, oranges, tomatoes and certain fertilizers, acknowledging that they “may, in some cases,” have contributed to higher prices.

But those are largely “gimmicky” moves unlikely to move the needle much on inflation, said Bharat Ramamurti, a former deputy director of Biden’s National Economic Council.