Experts say Trump has limited options to curb inflation before November election
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Economists and political analysts warn that the Trump administration lacks viable tools to lower consumer prices before the 2024 election, a factor that could affect Republican prospects.
With just three months left before the November election, analysts argue the Trump administration has few effective measures to ease the inflation and stagnant wages that many Americans are experiencing. The administration’s focus on new tariffs and the ongoing conflict with Iran, both of which have contributed to higher food, gas and grocery prices, leaves limited policy levers available, experts said.
"There isn’t much available on a 14-week clock that doesn’t cost more later than it delivers now," said Patrick Harker, a professor at the Wharton School and former president of the Federal Reserve Bank of Philadelphia.
The Federal Reserve recently held interest rates steady, a decision the president opposed, preferring lower rates that could reduce borrowing costs but risk higher inflation. Options such as consumer rebate checks or releasing strategic oil reserves were noted as costly and unlikely to provide immediate relief.
Economic data released in early July showed the U.S. economy growing at a modest 1.5% annualized rate in the second quarter, with consumer spending and inflation both slowing, yet prices for many goods remain elevated. Gas prices have risen above $4 per gallon as Brent crude reached $90 a barrel amid renewed strikes between the United States and Iran.
White House spokesperson Kush Desai told The Times that delivering economic relief is a “Day One priority” and emphasized efforts to lower costs, create jobs, raise wages and accelerate growth. He also claimed the administration has attracted “robust investment” and reduced prices for certain prescription drugs and groceries.
Trump has repeatedly described the economy as strong and dismissed concerns about inflation as a “hoax.” He rejected calls to reconsider the Iran strategy, stating that election considerations do not influence his policy decisions.
Political scientists note that incumbent parties typically suffer when voters are pessimistic about the economy. Jonathan Nagler, a professor at New York University, said voters are likely to hold the president and his party accountable for rising gas prices linked to the Iran conflict.
Chief economist Diane Swonk of KPMG warned that inflationary pressures from the war, reduced oil-refining capacity and existing tariffs will persist into 2027, adding to “simmering” service-sector inflation and additional costs for businesses.
Polls show a majority of Americans believe Trump’s policies have worsened economic conditions, with approval ratings for the president at a career low and low confidence in his handling of inflation, Iran and gas prices. Democrats see the economic discontent as an opportunity to attract swing voters, while some Republican leaders continue to defend the administration’s tariff and foreign-policy choices.
Overall, experts agree that without a significant shift in energy markets or a change in tariff policy, the administration is unlikely to deliver noticeable price relief before voters head to the polls.