Donald Trump has said the growing financial pressure on Americans caused by the war with Iran is “not even a little bit” motivating him to seek peace with Tehran. With US inflation at a three-year high and fuel costs still climbing after a sharp rise in oil prices, the president insisted the only thing that matters is preventing Iran from acquiring a nuclear weapon.
Speaking to reporters before departing for China, Trump said: “I don’t think about Americans’ financial situation. I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon.” His remarks come as official figures showed US prices rose 3.8% in April, the fastest annual pace since 2023, driven largely by energy costs that have surged since the US and Israel first attacked Iran in late February.
Gasoline now averages more than $4.50 a gallon, the highest in four years, while food prices are up nearly 4%, electricity and utility bills have climbed, and airlines have raised fares by over 20%. The economic strain has been felt worldwide, with inflation accelerating in Australia, Canada and South Korea, and British households warned of a fresh cost-of-living crisis.
Trump’s top officials have offered conflicting forecasts. Energy Secretary Chris Wright said in March that fuel could return to prewar levels by summer, but later admitted he “can’t make predictions”. Economic adviser Kevin Hassett claimed relief was coming “relatively quickly and certainly ahead of the election”, while Secretary of State Marco Rubio suggested Americans should count themselves fortunate compared with other countries.
Trump himself predicted that ending the war would bring a “massive drop in the price of oil” and dismissed fears of a $300-a-barrel crude or a stock market crash. He said his economic policies were working “incredibly” and that Americans would see the payoff once the war ends. “You’re going to see a golden age like we’ve ever seen before,” he added.
