he May Consumer Price Index (CPI) has delivered another strong report for the Trump economy—proving, once again, that sky-high tariff warnings from critics were overblown. For the third month in a row, there’s been no significant inflation tied to tariffs, even as Trump’s bold trade policy remains firmly in place.
Core inflation rose just 0.1% in May, matching April’s numbers and keeping the annual rate steady at 2.8%. Consumer prices across key tariff-exposed categories—including vehicles, apparel, and airfares—showed little to no increase. In some cases, prices even declined.
Meanwhile, the only real pressure in the index came from unrelated categories like rent and car insurance, not imported goods.
The numbers fly in the face of doomsday predictions from globalists and media economists who insisted that Trump’s 145% tariff wall—especially on Chinese imports—would send prices soaring. It hasn’t. In fact, these policies have remained in effect without triggering the widespread consumer pain that the Beltway class warned about.
Markets reacted positively, with stocks climbing and bond yields easing. The Federal Reserve, which has been monitoring inflation closely, may now have more room to consider rate cuts later this year. Officials are remaining cautious, but the data speaks for itself: the U.S. economy is absorbing tariffs without hammering households.
For Trump and his economic team, it’s a clear vindication. The tariffs are doing their job—protecting American industry, punishing foreign cheaters, and not driving inflation.
Three months of steady prices. No collapse. No panic. Just strong numbers and a resilient economy.