Myles McCormick, Eva Xiao and Claire JonesAug 23, 2026 – 2.36pmNew York/Washington | Almost two years since Donald Trump won the election pledging to slash prices and fix the US’ public finances, his war in Iran and tax cuts have delivered a different outcome: record-high debt, soaring fuel costs and punishing mortgage rates.Investors pushed yields on long-term US debt to a 19-year high on Tuesday amid alarm at the weight of public borrowing and the war’s inflationary fallout.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Trump’s economic challenge: $56trn debt, 6.7pc mortgages and $8 diesel
The debt burden, high borrowing costs and persistent strain of costly fuel and food have weighed on US consumer sentiment, which hovers at record lows.
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