Trump had not supported a rate increase, instead pressuring the central bank to lower rates, which can lower borrowing costs but increase inflation. Others are already baked into pricing to come as a result of tariffs and fuel costs, including for groceries, experts said. As the Iran war entered its sixth month this week, average gas prices nationally climbed back above $4 a gallon. Even if Trump’s war with Iran were to end, economists say it would take a significant amount of time for gas prices to come down. recently defended Trump’s tariffs, too, acknowledging some sectors have experienced “challenges” as a result, but saying, “all that’s settling out as we go into this election cycle.”