Back in August 2024, during a campaign speech, Trump told voters he’d bring prices down starting on “day one” of his presidency, largely by boosting U.S. oil production and cutting trade reliance. “We will drill, baby, drill,” he vowed, stirring up applause with familiar slogans.

But since reclaiming the Oval Office, the President has leaned hard into tariffs. On April 2, he announced a 10% levy on goods from most countries, effective July 9 unless renegotiated trade deals are reached. Already, there’s a 25% tariff on imports like cars, steel, and aluminum — with Canada, Mexico, and China hit hardest. China, in response, hiked its own tariffs on U.S. goods to 125%. The European Union, meanwhile, is bracing for retaliation.

In an interview with ABC’s Terry Moran, Trump dismissed concerns that these tariffs would raise prices on everything from clothing to electronics. “That’s good… they deserve it,” he said bluntly, referring to China. “At 145, they basically can’t do much business with the United States. They were ripping us off like nobody’s ever ripped us off.”

He also pointed fingers at other nations, saying, “Almost every country in the world was ripping us off.” But Beijing doesn’t appear ready to back down, warning that the U.S. is abusing tariff policies, with no signs of de-escalation.

As price hikes ripple through the economy, Trump maintains that Americans aren’t feeling the pinch. “The country’s doing great,” he said during the April 29 interview. “Wait till you see the real numbers come out in six months.” He characterized the tariffs as long-overdue retaliation after years of what he called “trading abuse.”