Shafaq News- Washington
The war with Iran, renewed trade tensions, and mountingfederal debt have increased pressure on the US economy ahead of the midtermelections, complicating President Donald Trump’s promises to lower living costsand rein in government spending, the NewYork Times (NYT)reported on Saturday.
The six-month Iran war has kept gasoline prices elevatedwhile US military spending has contributed to a national debt that hassurpassed $40 trillion. Rising government borrowing has also unsettled bondmarkets and helped keep borrowing costs, including mortgage rates, high for UShouseholds. Inflation stood at 3.7% year-on-year in July, remaining well abovethe Federal Reserve’s target.
NYT saidTrump’s renewed tariff offensive against Canada could add further pressure onconsumers, with the Yale Budget Lab estimating that the latest duties couldcost the average US household about $1,100 annually. Economists cited by thereport said tariffs, war, and other policy-driven shocks have kept inflationhigher than previously expected, despite continued economic growth, strongermanufacturing, a steady labor market, and rising investment in artificialintelligence.
The economic strain could turn the November midterms into a test of Trump’scredibility on the economy, one of the issues that helped return him to office.The newspaper said the administration still argues its policies will strengthenthe economy over time, while economists warn that persistent inflation, highdebt-servicing costs and uncertainty over trade and the war with Iran continueto weigh on households and businesses.
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