Fact Check: Trump Says Inflation Was Very Low When He Was President—Even With Tariffs

Claim: Donald Trump said during the presidential debate Tuesday that inflation was very low when he was president—even though he imposed tariffs that critics said would raise prices.

“I had tariffs and no inflation,” Trump said in response to Kamala Harris’s false claim that his tariffs would be a national sales tax.

Verdict: True.

Inflation was very low during Donald Trump’s presidency, including after his imposition of tariffs.

In the first year of his presidency, prior to the imposition of tariffs, the consumer price index rose by 2.13 percent. In 2018, consumer prices rose by two percent. In 2020, prices rose by 2.5 percent. In 2021, prices rose by just 1.3 percent. 

By contrast, inflation soared under the Biden-Harris administration. In 2021, consumer prices rose 7.2 percent. In 2022, prices rose 6.4 percent. Last year, prices rose 3.2 percent.