President Donald Trump has insisted that prices are falling, even as consumers continually express concern about the economy. He has repeatedly attacked Federal Reserve Chair Jerome H. Powell for not lowering interest rates to offset the effects of his trade war.

Tuesday’s report could provide an early read on how Trump’s duties will affect the prices Americans pay for necessities.

Trump claimed last month that gasoline prices had fallen as low as $1.98 in a couple of states. On Friday, Trump voiced a similar assertion on social media, saying, "Gasoline just broke $1.98 a Gallon, lowest in years."

The move would align prescription costs in the US with the costs of other countries, according to the administration.

The Trump administration has made moves to ease tariff tensions with China, but the situation remains uncertain in the longterm.

Trump’s post is undercut by prior social media posts where he took credit when the stock market boomed under President Joe Biden in January 2024.

Health policy experts said it is still unclear how much prices will go down, which medicines will be impacted and whether the effort can be implemented at all.

In this video, we unpack Trump's peace promises across major global conflicts — Russia-Ukraine, Israel-Hamas, and the India-Pakistan tension — and what the ground reality looks like now.

Unlike Trump's first term, his proposed "most favored nation" policy, tying U.S. drug prices to the lowest prices paid by other developed countries, might make it this time.

Even so, a rollback of some levies since "Liberation Day" may reduce the impact on inflation. Trump paused a large swath of so-called "reciprocal tariffs" within days of the announcement. On Monday, Trump temporarily slashed tariffs on China from 145% to 30%.