President Donald Trump has repeatedly touted what he calls the return of manufacturing to the United States, hailing companies that have vowed to pour large amounts of money into making everything from computer chips to cars in America.

Donald Trump claimed America is “taking in billions and billions of dollars” as a result of global trade tariffs. The US president said nothing he heard during a White House meeting with Italy's prime minister Giorgia Meloni on Thursday (17 April),

The public’s perception that Trump has been unable to lower prices or slow down inflation is at the heart of that negative trajectory — and expectations that tariffs will only raise prices and hurt the national economy may only be accelerating that decline.