As his new tariffs went into effect and gas prices climbed on Saturday, President Donald Trump said he’s not ruling out a full-scale war.
In a phone interview with French journalist Sonia Dridi, Trump said he’s “absolutely” considering resuming full-scale war with Iran if the U.S. doesn’t “get 100% of what we want.”
The president told reporters in the Oval Office on Friday the U.S. is “talking” to Iran, adding that he believes Iran is “getting more and more serious as the days go by” but “that doesn’t mean we get there.” Friday night was the first in 13 consecutive nights that the U.S. did not strike Iran.
The national average gas price rose slightly Saturday to $4.11 a gallon as Trump’s newly imposed tariffs on goods from more than 80 countries threatened to heap further financial strain on Americans ahead of the midterms. The reporter said when she asked Trump whether he would follow through with his threat to levy “substantial” new tariffs on the European Union, which he has accused of “robbing” American tech companies, he declined to comment.
The tariffs, which took effect Friday and have already been challenged in court, could cost American households an extra $1,100 annually, according to an analysis by The Budget Lab at Yale University. That comes at a time when consumers are already shelling out more for necessities, including gas and groceries, as the Iran war drives inflation and energy prices upward.
Gas price averages in the United States surpassed $4 a gallon on July 20 for the first time in more than a month as fighting in the Iran war escalated following the collapse of a temporary ceasefire agreement between the U.S. and Iran, which the White House billed as a significant step toward substantial nuclear negotiations and a permanent peace deal.
With the war soon to enter its sixth month, there has been little public progress on an agreement between Washington and Tehran to open the Strait of Hormuz, the vital trade waterway that has become a major source of contention since the war began on Feb. 28. Iran declared the strait closed “until further notice” earlier this month, and the U.S. military’s bid to forge an alternate route for shipping oil and other goods along Oman’s coast has been hamstrung by new threats.
In the middle of it all, Americans are feeling the pain.
More than half of Americans reported feeling more stressed about their finances than they were one year ago in a quarterly CNBC and SurveyMonkey survey released last week. Optimism for a better financial outlook was low, too, with half of Americans reporting they believe the U.S. economy will worsen over the next year because of international turmoil, government policy and the rising cost of living.
Patience with the economic cost of the president’s military campaign in Iran has slipped in recent polling, even among Trump’s most ardent supporters, with 37% of self-identified MAGA Trump voters saying the U.S. should only continue the war if it does not further increase costs, according to a POLITICO poll published on July 22. In May, half of Trump’s base thought the war was worth its economic costs.
While the White House has taken steps to address the prices at the pump as the midterms approach, Trump himself has so far done little to publicly address the financial pain Americans are feeling.
And his latest effort to resurrect his global tariff regime following the Supreme Court’s February strike down of his “liberation” day tariffs threatens to add insult to injury. The latest tariffs apply to countries that make up 99.4% of U.S. trading partners. Brought under Section 301 of the Trade Act of 1974, which enables the government to levy import taxes in response to unfair trade practices, the tariffs range from 10% to 12.5%.
The Liberty Justice Center, the legal nonprofit that represented the plaintiffs in the successful challenge of Trump’s International Emergency Economic Powers Act tariffs, is leading a new lawsuit challenging his authority to levy the Section 301 tariffs.
Emily Hung contributed to this report.
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