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President Donald Trump on Wednesday appeared to concede that his aggressive tariff policy on Chinese imports may lead to higher prices and fewer consumer goods, particularly toys, but insisted the burden is falling more on China than U.S. families.
“Maybe the children will have two dolls instead of 30,” Trump said during a Cabinet meeting. “And maybe the two dolls will cost a couple of bucks more.”
While dismissing the significance of the price hikes, Trump emphasized that many of the goods shipped from China are nonessential.
“Much of which we don’t need,” the president said, claiming China profited “a trillion one” under Biden.
Economic Contraction Blamed on ‘Biden Overhang’
Hours before Trump’s remarks, the Commerce Department reported that U.S. GDP shrank by 0.3% in Q1 2025 — the worst showing since early 2022. Trump quickly deflected blame, writing on Truth Social:
“This is Biden’s Stock Market, not Trump’s… When the boom begins, it will be like no other. BE PATIENT!!!”
Later that day, he reinforced the point to reporters, saying, “You could even say the next quarter is sort of Biden.”
Despite earlier boasting of a stock market surge after his inauguration, Trump insisted Wednesday’s weak numbers are unrelated to his policies or tariffs.
Tariffs on Chinese Goods and Cars Continue
Trump’s administration has imposed tariffs of up to 145% on some Chinese imports, although he says that number will eventually be “substantially lower.” The tariffs affect a wide range of consumer goods — not just toys — including electronics, clothing, appliances, and building materials.
In response to concerns over auto prices, Trump also signed executive orders this week to ease the impact of 25% tariffs on foreign vehicles and parts. However, he remained unfazed by price hikes in that sector.
“I couldn’t care less,” Trump told NBC News last month about potential auto price increases.
Public Skepticism Remains High
A CBS News/YouGov poll released this week reveals skepticism among voters:
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69% of Americans say the Trump administration is not doing enough to lower prices.
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62% say the administration is too focused on tariffs.
Trump continues to frame his tariff-heavy economic policy as a long-term fix rather than a short-term solution — insisting that once the “Biden Overhang” is removed, the economy will surge.
