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With High Prices Persisting, Trump Tempers Tone on Slaying Inflation
With High Prices Persisting, Trump Tempers Tone on Slaying Inflation
President Trump pledged to lower costs on “Day 1” as a candidate. His administration now acknowledges it will take more time.
By Alan Rappeport and Colby Smith
Alan Rappeport and Colby Smith cover the U.S. economy.
Feb. 12, 2025
Leer en español
President Trump promised voters that, if elected, he would enact policies that would bring prices down on “Day 1” in office.
But three weeks into his term, Mr. Trump and White House officials have become more measured in how they discuss their efforts to tame inflation. They have begun downplaying the likelihood that consumer costs like groceries will decline anytime soon, reflecting the limited power that presidents have to control prices. Those are largely determined by global economic forces.
The shifting tone could allow Mr. Trump to reset expectations about how fast prices will come down as he pursues policies like tariffs and tax cuts, which economists say could exacerbate inflation.
Mr. Trump and his advisers believe that expanding American energy production and rolling back regulations will reduce costs. They also argue that some of Mr. Trump’s tax proposals, such as eliminating taxes on overtime, would curb inflation by giving workers more incentives to work longer hours, therefore expanding the labor force.
{snip}
Alan Rappeport is an economic policy reporter, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters. More about Alan Rappeport
A version of this article appears in print on Feb. 13, 2025, Section B, Page 1 of the New York edition with the headline: Trump Shifts Tune on Vow To Cut Prices. Order Reprints | Today’s Paper | Subscribe
President Trump pledged to lower costs on “Day 1” as a candidate. His administration now acknowledges it will take more time.
By Alan Rappeport and Colby Smith
Alan Rappeport and Colby Smith cover the U.S. economy.
Feb. 12, 2025
Leer en español
President Trump promised voters that, if elected, he would enact policies that would bring prices down on “Day 1” in office.
But three weeks into his term, Mr. Trump and White House officials have become more measured in how they discuss their efforts to tame inflation. They have begun downplaying the likelihood that consumer costs like groceries will decline anytime soon, reflecting the limited power that presidents have to control prices. Those are largely determined by global economic forces.
The shifting tone could allow Mr. Trump to reset expectations about how fast prices will come down as he pursues policies like tariffs and tax cuts, which economists say could exacerbate inflation.
Mr. Trump and his advisers believe that expanding American energy production and rolling back regulations will reduce costs. They also argue that some of Mr. Trump’s tax proposals, such as eliminating taxes on overtime, would curb inflation by giving workers more incentives to work longer hours, therefore expanding the labor force.
{snip}
Alan Rappeport is an economic policy reporter, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters. More about Alan Rappeport
A version of this article appears in print on Feb. 13, 2025, Section B, Page 1 of the New York edition with the headline: Trump Shifts Tune on Vow To Cut Prices. Order Reprints | Today’s Paper | Subscribe