The war in Iran has been rumbling on for almost three months now, and the financial burden is hitting the pockets of those around the world.
The Pentagon announced yesterday that the conflict has cost $29,000,000,000 so far, with signs of a peace agreement seemingly slipping away.
The burden isn’t just hitting the United States – gas prices and shipping costs have skyrocketed for countries around the world as the Strait of Hormuz remains essentially blocked to maritime traffic.
Within America, discontent with the conflict is growing as grocery prices rise and US residents fork out a fortune to fill their car tanks.
Despite this, Trump told reporters yesterday: ‘I don’t think about Americans’ financial situation. I don’t think about anybody.
‘I think about one thing: we cannot let Iran have a nuclear weapon. That’s all.’
His careless remarks came hours after the Department of Labour announced that inflation had increased 3.8% since last year.
Americans are increasingly blaming Trump for high petrol prices, mortgages and food costs.
77% of Americans said Trump’s policies had driven the cost of living up, blaming tariffs and the Iran war, according to a CNN/SSRS poll.
Trump went on to defend the economy: ‘We said we’re going to take the greatest stock market in history and we’re going to go down a little bit. And actually, that turned out to be incorrect, because our stock market is now at the highest point in history, which frankly, surprised a lot of people.
‘We’re going to do whatever is necessary. And as soon as this war is over, which will not be long, you’re going to see oil prices drop, and you’re going to see a stock market, which is already at the highest point in history, go through the roof. You’re going to see the golden age of America, frankly, and you’re seeing it now.’
In his State of the Union address earlier this year, Trump described the US as ‘bigger, better, richer than ever before’, he said: ‘This is the golden age of America.’
Every day, Americans are feeling the pressure, however. Statistics from the Bureau of Labour Statistics show that job growth under Trump in the past year was smaller than in any year since 2020.
181,000 jobs were created in the past year, compared to more than 1.5 million each under Joe Biden’s four years as President from 2020 to 2024.
Trump’s wide-ranging tariffs introduced last year also sparked fears of a recession and sent stock markets tumbling.
Thomas Sampson, Associate Professor in Economics at the London School of Economics, told Metro there’s no one indicator which can tell if the economy will enter a recession.
‘Even if Trump does impose these tariffs, they will likely also act as a drag on the economy by increasing prices. If foreign countries retaliate, that’s going to make it harder for US businesses,’ he said at the time.
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