Trump: "Will End Inflation Crisis Immediately... Interest Rate Cut"

Former President Donald Trump, who officially accepted the Republican Party's presidential nomination, announced that he will immediately end the inflation crisis and proceed with lowering interest rates.

[Image source=AP Yonhap News]

On the night of the 18th (local time), the final day of the Republican National Convention, Trump delivered his acceptance speech at the Fiserv Forum in Milwaukee, Wisconsin, stating, "We will immediately end the destructive inflation crisis and lower interest rates."

Trump lamented, "We are a declining nation," adding, "We are facing an inflation crisis that makes life unaffordable, devastates household incomes, and crushes the people." He blamed the Biden administration for inflation, saying, "Grocery prices have soared by 57% under the current administration." Conversely, he also claimed that "there was no inflation during the Trump administration."

Along with this, Trump said, "I will end the ridiculous wasteful spending that fuels the inflation crisis," disparaging the Biden administration's green industrial policies, including the promotion of electric vehicles, as a "meaningless new green scam." He also hinted at a policy to lower interest rates.

However, local media have expressed skepticism about Trump’s declaration to immediately end the inflation crisis and lower interest rates. Bloomberg News pointed out that "there are few tools the White House can control," highlighting the independent operation of the Federal Reserve (Fed) separate from the administration, saying, "Ask Joe Biden." CNN noted that the claim of a 57% increase in grocery prices is not entirely accurate and emphasized the need to consider the context such as supply chain disruptions, the Ukraine war, and the aftermath of the pandemic. According to CNN, as of August 2022, the annual increase rates for food and groceries in the U.S. were 11.4% and 13.5%, respectively.