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.