Trump Admits Tariffs May Raise Prices, Says Plan Will ‘Be Less Expensive’

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Alexis N. Crockett
February 11, 2025
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7 minutes read

(AP Photo/Rebecca Blackwell, File)

President Donald Trump acknowledged Monday that his sweeping tariff plan could lead to higher prices for consumers, particularly on goods from Canada, Mexico, and China. The revelation came during Trump’s 40-minute Super Bowl night interview with Fox News host Bret Baier, where he discussed a range of topics.

However, his comments on upcoming tariffs drew significant attention, as he confirmed plans to introduce new trade measures. “We have a very sophisticated plan,” Trump told Baier. “I want to have tariffs separately from that – on steel, on autos, on semiconductors and chips – and probably pharmaceuticals.”

Baier pressed Trump on whether consumers would bear the financial burden of these tariffs. “And you’re not worried that any of that’s going to go back to the consumer?” Baier asked. “It might, but it’s ultimately going to be much less expensive,” Trump responded. Trump then pivoted to an example concerning the pricing of popular weight-loss medications, referencing the diabetes and obesity drugs Ozempic and Mounjaro, told Raw Story.

“The so-called ‘fat drug’ or ‘fat shot’ – whatever it’s called Ozempic or Monjaro – in London, you get it for $88,” Trump claimed. “In New York, you get it for $1,200, you can’t even buy it,” he continued, arguing that American consumers are paying significantly higher prices than those in other countries for the same products. “It’s very unfair,” Trump added.

“The identical package made in the same factory shipped to different places, but made literally in the same factory in London… And the reason is because everything’s added on to the United States because the United States has been too nice.”

Following the interview, Fox News senior political analyst Brit Hume weighed in, warning that Trump’s tariff strategy presents a challenge, particularly given the former president’s stated goal of lowering prices. “There’s no doubt that the tariffs in the short run and perhaps very much so as well raise prices,” Hume said during Monday night’s broadcast.

“And this is a president who’s committed to bringing them down, so I think there’s a real challenge there.” With Trump doubling down on his economic policies heading into the 2024 election, his tariff proposal is likely to be a key point of debate, especially as concerns grow over its potential impact on American consumers.