Tariffs are not the problem
By Peter Navarro | Washington Times | January 13, 2026
OPINION:
The consumer price index report for December delivers three clear conclusions: Tariffs are not driving inflation, overall inflation is running near the Fed’s target and the data supports a rate cut at the Fed’sJan. 28 meeting.
Start with the top line. Headline CPI rose 0.3% last month, exactly in line with expectations. Core CPI, excluding food and energy, rose 0.2%, below expectations.
Zoom out, and the contrast is unmistakable. Inflation is now near the Federal Reserve’s 2% target and a long way from the roughly 7% peak reached during the Biden years. That turnaround is the result of a democracy-driven regime change. Elections matter.