Trump Action Archive

Supporting reports

• Chevron and Exxon warned of dangerously low oil inventories — Officials from Chevron and Exxon warned that oil inventories have reached dangerously low levels, raising concerns about dramatic price spikes. The warning came amid Trump's ongoing military conflict with Iran, which has disrupted global oil supplies and contributed to rising prices affecting American consumers. The low inventory levels pose a risk of further economic disruption and inflation.

Supporting reports

• PCE inflation reaches three-year high — The Personal Consumption Expenditures (PCE) inflation index, the Federal Reserve's preferred inflation measure, came in at 3.8% for April 2026, the highest level since May 2023. Core PCE inflation reached 3.3%, the highest since October 2023. The Fed's target inflation rate is approximately 2%, meaning current inflation is nearly double the target. Half of all items in the Consumer Price Index are growing at 3% or higher, indicating broad-based inflation rather than isolated price pressures.
• PCE inflation rises to 3.8%, highest in three years — Personal Consumption Expenditures (PCE) inflation in the U.S. jumped to 3.8% in April 2026, the highest level in three years. Core PCE, excluding food and energy, rose to 3.3%, the highest since fall 2023. Economist Heather Long noted that 50% of items in the Consumer Price Index are growing at 3% or higher, indicating a broad-based inflation problem beyond energy shocks. Personal incomes fell in April after tax adjustment, and the savings rate plummeted to 2.6%, one of the lowest readings in 20 years outside the 2022 "revenge spend" period.

Supporting reports

• EPA finalizes amendments to hydrofluorocarbon use restrictions under the American Innovation and Manufacturing Act — The Environmental Protection Agency finalized a rule amending restrictions on hydrofluorocarbon (HFC) use across multiple refrigeration and air conditioning subsectors. The rule extends compliance dates for semiconductor manufacturing equipment (to January 1, 2030), establishes graduated schedules for supermarket systems and cold storage warehouses (interim limits until January 1, 2032), adjusts temperature thresholds for intermodal refrigerated transport containers, extends deadlines for laboratory equipment, removes installation deadlines for residential AC/HP equipment manufactured before January 1, 2025, and allows modest cooling capacity increases in supermarket systems. The rule becomes effective July 27, 2026.

Supporting reports

• Consumer confidence survey showed two-thirds of Americans cutting back on spending — Economist Heather Long reported on the May Consumer Confidence survey, noting that two-thirds of American consumers say they are cutting back on spending as prices rise due to the war in Iran. Long highlighted that many Americans report buying fewer items now.

Supporting reports

• USCIS announced sweeping changes to green card application procedures — The U.S. Citizenship and Immigration Services (USCIS), an agency within the Department of Homeland Security, announced sweeping policy changes requiring most green card applicants to leave the United States and apply through consulates abroad. Previously, approximately 800,000 people annually applied for green cards, with roughly half applying from within the U.S. The new policy will force applicants to leave jobs, homes, and families for weeks or months at their own expense. Consulate decisions are "virtually unchallengeable" in court, and existing backlogs will worsen. The policy affects approximately half of all green card recipients, including spouses and children of U.S. citizens and skilled professionals obtaining green cards through employers.
• USCIS announces green card adjustment must occur outside the United States — The US Citizenship and Immigration Services (USCIS) announced on Friday that foreigners seeking to adjust their immigration status to secure green cards must now do so from outside the country via the State Department, rather than within the US. This marks a significant policy shift, as the green card process had remained unchanged for over 60 years. The rule change is part of the Trump administration's broader immigration policy agenda.
• Trump Administration Announces New Immigration Rule — The Trump administration announced a new immigration rule requiring foreign workers on temporary visas in the U.S. to return to their home countries while applying for green cards. This policy change disrupts the existing "Adjustment of Status" process, which allows high-skilled workers to apply for permanent residency while remaining in the U.S. The rule could significantly impact the tech industry, which relies heavily on immigrant talent. Legal challenges are expected, as the policy may conflict with existing laws passed by Congress.
• USCIS issues policy memo requiring many visa holders to obtain green cards through home countries — US Citizenship and Immigration Services issued a policy memo requiring many foreigners already in the US to leave the country and obtain green cards through their home countries rather than through adjustment of status (AOS). The memo affects hundreds of thousands of visa holders, including H-1B workers, EB-5 investors, and family-based applicants. A USCIS spokesperson later clarified that applicants offering economic benefit or national interest may continue current processes, but widespread confusion and fear persist among affected populations regarding job loss, family separation, and destabilization of long-term plans.

Supporting reports

• Trump administration approves higher-ethanol fuel sales amid Iran war gas price crisis — Following sharp gas price increases triggered by U.S. military action against Iran and closure of the Strait of Hormuz, the Trump administration approved the sale of fuel with higher ethanol content as a cost-mitigation measure. The move aims to provide cheaper alternatives but risks increasing smog. Separately, the president floated suspending the federal gas tax. Truck drivers and other consumers report severe financial strain from fuel costs exceeding $5 per gallon for diesel.
• U.S. military action against Iran closes Strait of Hormuz, triggering global energy crisis — The United States, in coordination with Israel, launched military attacks on Iran, resulting in the closure of the Strait of Hormuz—a critical chokepoint through which approximately 20% of the world's oil supply travels. The action precipitated a global energy crisis, with gasoline prices rising to four-year highs and diesel reaching $5.72 per gallon at major truck stops. Analysts predict prices could reach record levels if the strait remains closed.

Supporting reports

• Democrats Propose Tax Cuts for Upper Middle Class — The Democratic Party has proposed tax cuts for the upper middle class, despite the ongoing concerns about the national debt and rising interest costs. This proposal is seen as fiscally risky given the current economic climate, where government borrowing is increasing to cover interest payments on existing debt.

Supporting reports

• White House economic advisor Kevin Hassett dismissed consumer spending concerns — White House economic advisor Kevin Hassett stated on Fox News that despite higher gas prices, consumers remain optimistic because they are spending more money on everything, not just gas. When asked about grocery prices, Hassett blamed energy-efficient refrigerator regulations. He reiterated expectations of GDP growth exceeding 6% once the Iran conflict concludes, a forecast he has repeated monthly for 17 months.
• Kevin Hassett claims Iran war has not hurt the economy — White House economic advisor Kevin Hassett appeared on television claiming that Trump's Iran war has not hurt the economy at all. When presented with consumer sentiment data that has cratered to its lowest levels ever, Hassett suggested that consumer sentiment should no longer be called "consumer sentiment" but rather "political sentiment," characterizing it as a "political variable" rather than an economic indicator. He argued that when Americans report feeling terrible about the economy, they are expressing partisanship rather than genuine economic concern.