Trump announced that the tariffs in April lowered the inflation rate in the United States to 2.3%.

In April of this year, the same month that Trump imposed tariffs on the world, the U.S. inflation rate dropped to 2.3%, below analysts' expectations of maintaining the level seen in March at 2.4%. Despite Trump having reduced many of the tariffs he announced on April 2, economists warn that the full impact of import tariffs has not yet been seen, and Fed officials expect price pressures to continue to rise. Trump has been pressuring Powell to cut interest rates and last week added that dealing with the Fed chairman is like "playing a piano for a cow". The Fed's preferred inflation target is not CPI, but rather PCE. In March, PCE dropped to 2.3%, but still remains higher than the Fed's 2% target.