Donald Trump dismissed concerns about soaring costs facing American households, declaring that his focus on preventing Iran from obtaining nuclear weapons overshadows any consideration of the economic pain inflicted by the conflict. Speaking at the White House before departing for China, Trump was unequivocal about his priorities.
"The only thing that matters when I'm talking about Iran is they can't have a nuclear weapon," Trump told reporters. "I don't think about Americans' financial situation. I don't think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon. That's all."
The comments arrived as new government data showed US prices rising 3.8% in April, marking the sharpest increase since 2023. Energy costs have driven much of the surge following US and Israeli military strikes against Iran in late February.
Gasoline prices now exceed $4.50 per gallon on average, the highest level in four years according to AAA. Food prices have climbed nearly 4%, electricity and utility bills have jumped, and airlines have imposed fare increases exceeding 20%.
The inflation surge comes as the midterm election campaign season approaches, with affordability emerging as a central concern for voters. Consumer confidence has plummeted to levels not seen since 2022, when pandemic-related supply disruptions triggered a generational inflation spike.
Members of Trump's cabinet have offered conflicting signals about when relief might arrive. Chris Wright, the energy secretary, initially suggested fuel could return to prewar prices by summer, but subsequently backed away from that prediction. In April he told CNN that gas prices falling below $3 per gallon might not happen until next year.
Kevin Hassett, Trump's top economic adviser, struck a more optimistic tone on Fox News, asserting that relief would arrive "relatively quickly and certainly ahead of the election." Hassett also claimed Trump had personally assured him the "war is close to being over."
Secretary of State Marco Rubio offered a different perspective, suggesting Americans should view their situation as comparatively fortunate. Other nations including Australia, Canada, South Korea, and Britain face steeper economic pressures from the conflict, Rubio argued, while the US as a net oil exporter remained "insulated to some degree."
Trump echoed that comparison on Tuesday, noting that pre-conflict inflation had run at 1.7%. He predicted that ending the war would trigger a "massive drop in the price of oil" and pointed out that dire forecasts of $300-per-barrel crude and a stock market crash of 25% or more had not materialized.
The president has increasingly leaned on stock market gains as evidence of economic health, dismissing inflation concerns while highlighting the rising cost of a new White House ballroom renovation. On Tuesday he claimed his economic policies were functioning "incredibly" and that Americans would reap substantial benefits once the conflict ends.
"When this war is over, oil is going to drop, the stock market is going to go through the roof, and truly, I think we're in the golden age right now," Trump said. "You're going to see a golden age like we've ever seen before."
Author James Rodriguez: "Trump's willingness to openly sideline inflation concerns three years into his term shows just how much he's betting on a quick resolution abroad to paper over economic cracks at home."
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