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Normally I would agree that the president had little effect on prices since that is largely the job of the Fed. But Trump being wishy washy on tariffs is really fucking things up. It is extremely hard for businesses to plan for shit when massive tariffs are planned, then delayed, then implemented for three fucking days before being held off again for a month. How the fuck are businesses suppose to do any sort of inventory planning when they don't know how much something is going to cost them if they hold off for a day to buy things. Or they bought in bulk under the assumption that they would have to pay significantly more later are now stuck with a ton of inventory they may not have room for.
So yes, in this case Trump is having a large effect on prices. If it was just tariffs, inflation would temporarily go up and the Fed would increase interest rates and the recession it causes would slow inflation. But the Fed can't plan for the dipshit president going back and forth in tariffs.
All this tariff talk is just deliberate manipulation of the markets. Trump talks tariffs, the stock market tanks, creating buying opportunities for Sociopathic Oligarchs. Then he backs off the tariff talks, and the stock market rises again, and he brings up tariffs again in 4-6 weeks, and starts the cycle over again.
Normally I would agree with you if it was a one time thing. But the market stops listening to the boy who cried wolf. All the markets are down despite Trump rebonding the tariff and delaying it. There has to be something else at play. The guy is certainly not an economic genius but he generally at least pushes through with his idiotic shit.