Americans are in no mood for inflation to stick around, and as newly minted President-elect Donald Trump prepares for his inauguration, they’re calling for a warrior-style blitz on the cost of living.
According to a Reuters/Ipsos poll [1], 35% of Americans want inflation knocked out in his first 100 days. No pressure, though, just the entire nation’s collective sigh of relief riding on it.
One of Trump’s proposed solutions? Tariffs – big, bold, bank-breaking tariffs. By placing hefty fees on imports, he hopes to “protect” American industry, but economists warn that might just lead to price hikes.
So, while Trump is gearing up for an inflation fight, “experts” say that his solution could risk handing consumers a backhanded price smack. Walmart, always awash in Chinese goods, issued a warning [2] recently that the Trump tariffs could raise costs.
“Drill baby drill” is another of Trump’s plans to bring down inflation.
Rep. Wesley Hunt (R-Texas) told the New York Post [3] he expects the Trump administration to immediately open up new opportunities for the natural-gas industry and slash regulations.
Hunt, who is from Houston, the country’s energy capital, says about the Biden-Harris administration’s energy policy, “It’s been an absolute disaster. I’ve learned that these people are committed and this administration was committed to killing the oil and gas industry and basically strengthening our adversaries and strengthening our enemies abroad.”