September 23, 2025
Powell Says Trump’s Tariffs Barely Impact Consumer Inflation
Jerome Powell Reveals Trump’s Tariffs Had Minimal Effect on Prices as Importers Absorb Costs and Revenue Surges Federal Reserve Chair Jerome Powell spoke on September 23, 2025, in Rhode Island, and his words struck directly at the center of the tariff debate. For years, economists warned that President Trump’s tariffs would drive up household costs, with estimates like Yale’s Budget Lab projecting as much as $2,300 per family. But Powell’s statement made clear that those alarms were overstated. He said that tariffs have had only a minimal impact on consumer inflation, and much of the cost has been absorbed by