Republican lawmakers are arguing that many Americans are willing to accept higher prices if it helps support Donald Trump’s policies, even as inflation concerns grow.
This comes after Trump announced that tariffs on China, Mexico, and Canada would take effect today. These tariffs could lead to higher prices for American consumers. According to Goldman Sachs, the tariffs could increase inflation by 1 percent, which would hurt U.S. companies’ profits and might lead to other countries retaliating.
At the same time, inflation is already affecting the economy. A report from the Labor Department showed that January had the biggest rise in consumer prices in nearly 18 months.
Senator Markwayne Mullin from Oklahoma spoke to CNN, acknowledging that tariffs could hurt his state but insisting that people in his area are willing to make sacrifices for Trump’s policies.
“I think our constituents are going to do what it takes to get America back on track. We’re tired of countries taking advantage of us,” he said, according to Newsweek.
Representative Mark Alford from Missouri also said he is “all for” paying higher prices to help improve the country. He told CNN, “We all have a role to play in this to rightsize our government, and if I have to pay a little bit more for something, I’m all for it to get America right again, to start whittling down” the national debt.
When asked if his constituents felt the same way about paying higher prices, Alford said, “I think so.”
Recent polls show Americans are divided on Trump’s tariffs. A Reuters/Ipsos survey found that 54 percent of respondents were against new tariffs on imports, while 41 percent supported them. However, there was more support for tariffs on Chinese goods, with 49 percent in favor and 47 percent opposed. The poll surveyed 4,145 U.S. adults and had a margin of error of 2 percentage points.
Other polls show that Trump’s approval rating on the economy is dropping, as many Americans worry about rising costs and inflation. According to the Reuters/Ipsos poll, 53 percent of Americans believe the economy is on the wrong track, up from 43 percent in late January. A memo from Trump’s pollster, Tony Fabrizio, said that 59 percent of voters in key swing districts are concerned about their financial situation, including 61 percent of swing voters and 53 percent of Trump voters.
A Gallup poll conducted in February showed that Trump’s approval rating on the economy was 42 percent, with 54 percent disapproving. This is lower than the approval ratings of other recent presidents at the same point in their terms.
This decline in approval could be concerning for Trump, especially since he promised during his campaign that inflation would “vanish completely” when he returned to the White House.
Senator Mullin told CNN, “Are the American people ready to get the country back on track and do what it takes to make that happen? Absolutely … It’s going to affect a lot of companies. We’re going to have to adjust some prices for it, but the president is tired of people taking advantage of our country.”
Mullin also said that his constituents are ready to pay higher prices. “I think our constituents are going to do what it takes to get America back on track. We’re tired of countries taking advantage of us,” he said.
Representative Alford acknowledged that tariffs would impact farmers but believed that increased domestic energy production could offset some of the costs. He emphasized that Americans have a role to play in reducing the national debt. “If I have to pay a little bit more for something, I’m all for it to get America right again,” he said.
He also mentioned the struggles under President Joe Biden’s policies and expressed hope that things would improve soon, adding, “This economy is going to start churning, and it’s just going to take a little patience on the front end.”
The impact of Trump’s tariffs will likely affect both American consumers and the global economy. Countries like Canada and Mexico, which rely heavily on trade with the U.S., are expected to feel the negative effects.
The Tax Foundation, a think tank based in Washington, estimated that tariffs on China could reduce the U.S. economy’s GDP by 0.1 percent in the long run. Tariffs on Canada and Mexico could shrink it by 0.3 percent. These estimates don’t include the possibility of retaliation from other countries.
