Falsely claims 'inflation has stopped' while CPI is up 3% and his tariffs drive prices higher

In his December 17 national address, Trump declared 'inflation has stopped,' a claim FactCheck.org rated as false. Government data shows inflation was up 3% for the 12-month period ending in September, and inflation has accelerated in each month since Trump's baseline tariffs took effect in April. Research from the Federal Reserve Bank of St. Louis found tariffs explain roughly 0.5 percentage points of headline PCE annualized inflation. Goldman Sachs analysis shows U.S. companies and consumers are collectively paying 82% of the tariff duties, contradicting Trump's repeated false claims that foreign exporters absorb the costs. CNN noted Trump dismissed affordability concerns as a 'hoax' and erroneously claimed 'we have no inflation' despite rising prices driven by his own trade policy. The false claim came as his economic approval rating hit 36%.

"inflation has stopped." — National address from White House, December 17, 2025