In August 2024, then-candidate Donald Trump pledged to bring down prices "starting on Day One." However, as Day Seven arrives, prices—especially for essentials like eggs—continue to rise.
Despite issuing multiple executive actions, Trump has failed to fulfill his price-related promises, according to a letter from Democratic lawmakers, including Sen. Elizabeth Warren. The letter criticized Trump for prioritizing mass deportations and pardoning January 6 rioters while neglecting concrete policies to lower food costs.
Vice President JD Vance admitted that prices would take time to drop, emphasizing capital investment as a long-term solution. Economists have long warned that rapidly reducing prices is unrealistic and potentially harmful, creating a deflationary "doom loop."
Several factors beyond presidential control are driving price increases. Egg prices are rising due to bird flu, meat prices due to drought, and coffee prices due to extreme weather in South America. Trump’s plan to lower food prices by increasing domestic oil drilling is also flawed, as the U.S. already leads global oil production, and companies lack incentives to expand capacity.
Democratic lawmakers offered solutions, such as tackling price gouging in the food supply chain. While inflation has slowed since its peak in 2022, it remains above the Fed’s 2% target. Meanwhile, Trump's proposed tariffs on Canada and Mexico could further drive up food costs, particularly for fresh produce.
