The Labor Department reports the U.S. inflation rate rose to 3.8% in April, with energy costs comprising nearly half of the increased prices. Real average hourly wages fell half a percentage point from March, meaning salaries failed to keep pace with the rising cost of living. Gasoline prices rose by 5.4% as Iran shut traffic through the Strait of Hormuz in response to President Trump’s bombing campaign. On Tuesday, a reporter asked Trump whether he’d make a deal with Iran to address the war’s economic fallout.

Reporter: “Mr. President, to what extent are Americans’ financial situations motivating you to make a deal?”

President Donald Trump: “Not even a little bit. The only thing that matters when I’m talking about Iran, they can’t have a nuclear weapon. I don’t think about Americans’ financial situation. I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon.”