Donald Trump has officially become the 47th President
Donald Trump has officially become the 47th Presidentt.
Donald Trump signed a memorandum on inflation and a series of executive orders aimed at reducing energy prices, but his administration offered few specifics, raising concerns about its ability to address one of Americans’ most pressing issues.
During a press call Monday morning, White House advisers pledged an “all-of-government approach to bringing down costs for American citizens.” However, they provided little detail on the concrete steps the administration would take to lower prices.
“I don’t want to get ahead of the president here,” one adviser said. “But this is going to be an all-of-government approach. It’s a critical issue requiring decisive action as early as possible in the administration, and that’s exactly what the president is addressing with this memorandum.”
During Joe Biden’s presidency, the annual consumer price index (CPI), which tracks the cost of goods and services, peaked at 9.1% post-pandemic but fell to 2.9% last month. While polls show that inflation and economic concerns were top priorities for voters, the public remains divided on whether Trump can deliver solutions.
An AP-NORC poll conducted this month revealed only 21% of Americans are extremely confident in Trump’s ability to reduce food and grocery costs this year, with another 17% moderately confident.
In addition to addressing inflation, Trump declared a “national energy emergency” and vowed to expand oil and gas production under the mantra “drill, baby, drill.” He signed an executive order to “unleash affordable and reliable American energy.”
“High energy costs are unnecessary. They are by design — the result of policy,” one adviser said. “We can fix this, but these policies have punished the American people over the past four years. Addressing this is essential for the nation’s prosperity.”
As of Monday, AAA reported the national average cost of regular unleaded gasoline at $3.125 per gallon, down from the record high of $5.016 in June 2022, triggered by Russia’s invasion of Ukraine. When asked how much oil prices might decline under Trump’s leadership, advisers declined to provide a specific target.
“Energy prices affect every aspect of our economy,” one adviser said. “Restoring American energy dominance is also central to our national security and global influence.”
Trump also signed an order aimed at increasing oil production in Alaska, describing the state as “a vital hub for exporting liquified natural gas not only across the U.S. but also to our allies in the Asia-Pacific region.”
When asked about Trump’s plans for trade relations, his advisers avoided specifics, instead referring journalists to the Wall Street Journal’s coverage of the topic.