Gary Cohn warns tariffs could fuel inflation, delay price relief

Gary Cohn used a Sunday Washington TV appearance to sharpen one of the oldest arguments in Trump-era economic policy: tariffs may protect some industries, but they also risk pushing up prices for everyone else. In a CBS video teaser for his Face the Nation interview, the former National Economic Council director said that if the United States starts “tariffing those products, we will have inflation,” and that prices would not fall “like a rock” even if a U.S.-Iran truce or deal emerged.

The warning lands at a time when trade policy is once again colliding with inflation politics. Cohn, now IBM vice chairman and the former head of President Trump’s National Economic Council, framed tariffs not as a quick fix but as a force that can delay consumer relief. His comments point to the central tension in current economic debate: policymakers want to use industrial policy to support domestic production, but tariff-driven costs can work in the opposite direction by keeping import prices elevated and feeding through to consumers.

CBS aired the June 14, 2026 episode of Face the Nation with Margaret Brennan at 10:30 a.m. ET and posted the transcript at 1:06 p.m. EDT. The show also featured Sens. Mark Kelly and Mark Warner, and CBS’s guest list for the episode included Secretary of Defense Pete Hegseth, Kelly, Warner and Cohn. CBS positioned the broadcast around broader fights over trade, national security, intelligence, inflation and election security, underscoring how tariff policy has become part of a much larger Washington argument about economic resilience and geopolitical risk.

Cohn’s comments also show how often Trump-era economic thinking still shapes the conversation. He has remained a recurring outside voice on trade policy, with a January 13, 2026 CNBC appearance in which he discussed the latest CPI data, the Federal Reserve and the broader economy. CBS’s own media page also notes a September 15, 2024 Face the Nation appearance in which Cohn discussed tariffs. That pattern suggests his message has stayed consistent: tariffs are not cost-free, and the inflation hit can arrive faster than any political benefit from protecting U.S. industry.