President Donald Trump said Monday that preventing Iran from obtaining a nuclear weapon is the 'only thing that matters' to him, even as new data showed inflation hitting a three-year high and Americans spending billions more on fuel. Speaking before departing for Beijing, Trump also acknowledged he does not think about the financial situation of Americans 'not even a little bit.' The comments come as the Strait of Hormuz closure continues to drive up energy and food costs across the country.
Inflation at a three-year high
The April 2026 consumer price index landed at 3.8% year-over-year, above Wall Street's 3.7% estimate. Core CPI — which strips out food and energy — hit 2.8%, also topping forecasts. The energy index alone jumped 3.8%, accounting for more than 40% of the headline gain. Gasoline prices rose 28.4% over the past year.
Since February, Americans have spent an extra $37.6 billion on fuel. The Strait of Hormuz closure has disrupted global supply chains, lifting not just gasoline but also transportation and food costs. The food index rose 3.2% annually, and rising fertilizer costs threaten to push grocery bills even higher.
Trump's priorities and his trip to Beijing
Trump claimed that before the war, inflation was running at 1.7% for three months. He argued that ending the war would bring oil prices down and send the stock market 'through the roof.' But when asked about the financial strain on ordinary Americans, he said that's not something he thinks about.
The president departed for a high-stakes trip to Beijing to meet Chinese President Xi Jinping. No details on the agenda were released, but the Iran situation and its economic fallout are expected to be top of the table.
What's at stake in the Strait
The Strait of Hormuz — a narrow waterway between Iran and Oman — is a critical chokepoint for oil tankers. Its closure has already sent gasoline prices soaring. With Iran's nuclear program still unresolved, the question is whether Trump's Beijing talks can produce a breakthrough that eases both the geopolitical and economic pressures.
For now, Americans are left with higher prices at the pump and the grocery store, while the president focuses exclusively on what he calls the only thing that matters.
