EXCLUSIVE — In a wide-ranging Oval Office interview, President Donald Trump said that for a U.S. president, “there is never a finish line” on major challenges, especially when it comes to undoing the damage the previous administration left behind.
He said the economy, which he “relentlessly” prioritizes, is a prime example, even as Democrats deploy a new “affordability” sound bite to claim that he’s overlooking the stubbornly high costs facing the public.
“I’m never satisfied,” Trump said, noting that driving down housing and consumer costs is central to helping people reach the American dream. He dismissed Democrats’ newfound focus on “affordability,” after years of brushing off inflation under former President Joe Biden, as laughable, describing it as a hollow “catch phrase” instead of serious policy.
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“We’re working to make things less expensive. We’re cutting some prices very substantially, but what is terrible is the Democrats have catchphrases,” he said, noting his success in lowering gas prices.
“They came up with a soundbite. Affordability. Affordability. Well, what we are doing is making things cost less,” he said, adding that he shouldn’t be surprised by Democrats’ hyperbole but that it is remarkable they still get away with it.
“They are the worst. They lie. Under them, it was much more, look at energy. Energy’s way down,” he said, predicting gas prices to hit the $2 mark soon.
Gas prices have decreased steadily since Trump returned to the White House in January, down 8 cents today from a year ago, and almost $2 lower than their $5 peak in 2022 during the Biden administration.
“We’re going to have $2 gasoline soon — we’re going to get very close,” he said, adding that if his administration hadn’t had to refill the Strategic Petroleum Reserve that Biden drained before the 2022 midterm elections, prices would already be at that $2 mark.
Emptying the reserve is not meant for elections, Trump said, “it is meant for wars. So we’re filling it up.”
Biden released 180 million barrels of oil from the SPR in the run-up to the 2022 midterm elections, the largest sale in SPR history. The sale also sank the SPR to its lowest level in 40 years. Elected officials on both sides of the aisle criticized the Biden administration’s decision, saying it jeopardized the country’s national security.
Trump brushed aside criticism from some Republicans on Capitol Hill who claim he has taken his eye off the ball by spending too much time focused on foreign issues.
“So let’s say I didn’t do China,” Trump said. “Well, they were going to kill us with rare earth minerals, so I solved that problem. And I solved it with one phone call over 100% tariffs.”
He argued that China’s push to tighten rare earth controls was a deliberate effort to boost its leverage over global manufacturing.
“As soon as they saw that they called, they said, ‘Let’s work it out,’” he said, adding that the outreach came ahead of his planned meeting with Chinese President Xi Jinping and only after he warned that all Chinese goods would face 100% tariffs starting Nov. 1.
“Let’s say I wasn’t a person that dealt overseas like that,” Trump said. “We’d be in trouble. Not only that, we’re making a lot of money with these, unlike losing a lot of money. Now we have some interesting things happening. Like the Supreme Court decision, which we should win for national security purposes,” a reference to the recent oral arguments concerning the scope of his tariff power under the International Emergency Economic Powers Act.
The president has invoked the 1970s law to raise tariffs on Canada, Mexico, and China, citing an immigration and fentanyl-trafficking emergency as well as a national emergency over the trade deficit.
Trump said if he does not win at the Supreme Court, there is a Plan B.
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“We should win it. If we don’t win it, we’ll do something else,” he said with a broad smile, adding that you should always expect the unexpected and be prepared for the worst.
“I always believe in the power of the negative,” Trump said. “Assume you’re going to lose. In other words, what’s the alternative? But if we lost that, it would be a shame for the country. That’s a very direct route to greatness.”