Trump says he doesn’t think about Americans’ financial pain amid Iran war, defends oil shock

US President Donald Trump on Tuesday said that he is not worried about the financial plight of Americans. He said that he does not consider the financial strain while negotiating an end to the Iran war. Speaking on the White House South Lawn on Tuesday, May 12, 2026, ahead of his diplomatic trip to Beijing, Trump asserted that blocking Iran from obtaining nuclear weapons is his exclusive motivation. The US war on Iran and the resulting closure of the Strait of Hormuz have pushed the oil prices over $100/ barrel. The gas prices in the US are $4.63/gallon, and the annual inflation rate has climbed to 3.7 per cent. US wage growth, which is 3.6 per cent, has fallen below the headline inflation rate.

"The only thing that matters when I'm talking about Iran—they can't have a nuclear weapon. I don't think about the Americans' financial situation. I don't think about anybody," Trump made the stunning statement to reporters before flying off to Beijing for the Xi-Trump summit. His remarks came just hours after a new survey showing US citizens consider the president for the record-high gas prices, rising mortgage rates and food costs that have followed. According to a CNN/SSRS poll, 77 per cent of citizens believe that Trump's decision to go to war was a major call driving the cost of living up.

Also Read: Xi-Trump summit: Will the meeting bring a resolution to the war with Iran & Hormuz blockade end

Trump was visibly frustrated when reporters pressed him if his policies had fulfilled the promises he had made in the election campaign that got him elected for his second non-consecutive term in 2024. Trump claimed that the administration's efforts had worked significantly, as the inflation had cooled by 1.7 per cent before Trump decided to go to war with Iran, ignoring the concern that a retaliation would result in a closure of the Strait of Hormuz and create a supply shock. He claimed that anyone who is concerned about financial strain wants Iran to have a nuclear weapon.

“Anybody that wants them to have a nuclear weapon is a stupid person. So 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,” said Trump.

Economists warn that supply shock, which resulted in the rise of energy prices, has pushed the country into a period of stagflation as the Federal Reserve has to maintain the interest rate; otherwise, the dollar will be weakened and the sovereign debt will increase. Without a proper restoration of navigation, the global economy, as well as the US economy will face a recession.