During a Thursday event in Las Vegas intended to promote the Republican tax agenda, President Donald Trump diverged from his prepared remarks, sharing a series of peculiar economic observations that included admitting he had never heard the term "corner store" and suggesting that poorer Americans do not consider tax deductions.
Corner Store Confusion and Tax Deduction Comments
"What is a corner store?" President Trump asked the assembled crowd at his roundtable discussion. "I've never heard that term. I know what a corner store is, but I've never heard it described [as] a 'corner store.' Who the hell wrote that?"
Later, while promoting the deductions included in last year's GOP-led One Big Beautiful Bill legislation, the billionaire president appeared to imply that middle-class and lower-income individuals do not think about tax deductions in the same way as wealthy people.
"So when rich people do something, they always look for deductions, right? It's always deductions. They have deductions and everything," Trump stated. "And middle class and middle-income people, poorer people, they don't get — they don't think in terms of deductions."
Downplaying Economic Impact of Iran War
President Trump also addressed the economic consequences of the ongoing war in Iran, which has severely disrupted traffic through the vital Strait of Hormuz oil shipping lane. Despite the International Monetary Fund warning that the conflict could trigger a global recession, Trump dismissed concerns about inflation as "fake."
"They're not very high," the president said earlier in the day at the White House regarding gas prices, while pointing to the rising stock market, which has been bolstered by hopes for a swift end to the war.
In Las Vegas, Trump continued this theme, referring to war-related inflation as "fake inflation" and claiming the current economy surpasses that of his first term "despite our little diversion to the lovely country of Iran."
Market Volatility and Gas Price Increases
According to AAA data, the national average price for a gallon of gasoline has risen to $4.09, up from $2.92 before the Iran war began. In Nevada, prices are approaching $5 per gallon. The war has effectively halted traffic through the Strait of Hormuz, a critical conduit for global oil shipments.
Despite his dismissive comments, President Trump acknowledged that his statements sometimes unsettle financial markets. "When he speaks, the whole market gets soothed," Trump said while introducing Treasury Secretary Scott Bessent. "When I speak, the whole market goes a little jittery. I say Scott, go out there, clean it for me."
Promoting Trump-Era Policies
During the Las Vegas roundtable, President Trump highlighted the adoption of new tax policies under his administration, stating that approximately half of American tax-filers have utilized these measures. He also noted that around five million people have established "Trump account" savings pools for their newborn children.
The event, intended to bolster support for the Republican tax agenda, instead showcased Trump's unscripted and controversial economic perspectives, drawing attention to his handling of the Iran war's financial repercussions and his views on taxation across different income groups.
