Donald Trump has blamed President Joe Biden for stubbornly high inflation during Biden’s presidency.
Donald Trump's second-term economic agenda includes aggressive tariff hikes, tax cuts and cheap money policy, all of which analysts say could threaten to reheat inflation.
He also wants to extend his first-term tax cuts, which raised deficits when they were first implemented and are due to expire in 2025. "A second Trump term could bring higher tariffs, attempts to weaken the dollar, even higher deficits, deportation of illegal immigrants, and other policies that could put upward pressure on inflation," Piper Sandler analysts wrote last week.
Trump's tariff policies"would be a significant escalation to existing trade policy, and they would further increase costs for U.S. importers, place upward pressure on inflation and potentially strengthen the U.S. dollar," Wells Fargo analysts wrote in a report from early April. Reached for comment, the Trump campaign said,"under President Trump, inflation was non-existent, gasoline was cheap, groceries were affordable, and the American Dream was alive and well."has consistently found that voters trust Trump more than they trust Biden to bring down the cost of living and manage inflation.
But that inflation whiplash over the past five years appears to have left many voters with a bitter memory of the Biden economy.
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