Why Voters Might Finally Blame Trump for Rising Costs

Trump’s Iran war will affect more than just gas prices.

By Catherine Rampell and Stephen Stromberg

Produced by Derek Arthur

The war in Iran is setting off a global economic shock wave. In this episode, the Opinion editor Steve Stromberg speaks with the Bulwark economics editor and MS NOW anchor Catherine Rampell on how the Trump-made war is likely to affect global trade and the cost of living for Americans.

Why Voters Might Finally Blame Trump for Rising Costs

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The transcript has been lightly edited for length and clarity.

Stephen Stromberg: We are in the second week of war with Iran. We have already seen thousands of casualties in Iran and the Gulf region, as well as American military deaths. And then there’s the economic fallout — that’s what we’re going to be talking about in this conversation.

We’re taping on Monday as the price of oil is fluctuating wildly. President Donald Trump tried to deflect criticism in a press conference Monday evening.

Audio clip of Donald Trump: I knew oil prices would go up if I did this, and they’ve gone up, probably less than I thought they’d go up. But I don’t think that anybody thought we were going to be this quickly successful. This was a military success the likes of which people haven’t seen. We have the best military.

Audio clip of Donald Trump: I knew oil prices would go up if I did this, and they’ve gone up, probably less than I thought they’d go up. But I don’t think that anybody thought we were going to be this quickly successful. This was a military success the likes of which people haven’t seen. We have the best military.

To help us understand this situation and what it means for the economy, I’ve invited Catherine Rampell to join me. She is an economics editor at The Bulwark and an anchor for MS NOW. Catherine, welcome.

Catherine Rampell: Great to be here.

Stromberg: So the weather’s getting warmer. Spring break is around the corner. Are you planning any long road trips?

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Stephen Stromberg is a Times opinion editor, focused on politics and economics. He has covered U.S. politics and policy since 2001. He joined The Times in 2025 from The Washington Post, where he was deputy editor of the opinion section.

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