Trump promises to end 'inflation nightmare' in RNC speech. Here's his plan

Former President Donald Trump vowed to end the ongoing inflation crisis during his keynote speech at the Republican National Convention, promising that he would work to bring high prices down if he wins the November election.

"We’ve had the worst inflation we’ve ever had under this person," Trump said in the Thursday night speech, referring to President Biden. "Inflation has been a killer for our country. No matter what you’re making, it doesn’t matter because inflation is eating you alive."

The Republican nominee laid out several proposals that he said would reduce inflation or provide relief from steep prices, including eliminating taxes on tips, raising tariffs on other countries and drilling for more oil in the U.S.

Although inflation has fallen from a peak of 9.1%, it remains above the Federal Reserve's 2% target. On top of that, millions of households are paying far more for everyday necessities like groceries, rent and medical than they were just a couple of years ago.

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Here is a closer look at how Trump says he would bring down prices if he is re-elected to a second term in the White House. 

Lower taxes 

Trump reiterated his promise at the Republican convention in Milwaukee to deliver "massive tax cuts" if he wins in order to provide some economic relief for workers. 

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That includes ending taxes on service workers' tips and extending the 2017 Tax Cuts and Jobs Act, which reduced the top individual income tax bracket to 37% from 39.6% and nearly doubled the size of the standard deduction.

"Under my plan, incomes will skyrocket, inflation will vanish completely, jobs will come roaring back and the middle class will prosper like never, ever before," Trump said.

Oil and drilling

Trump has said that he will bring down stubborn inflation by opening up the U.S. to more oil and gas drilling.

"Drill, baby, drill," the GOP nominee said Thursday night. He predicted that greater production of fossil fuels in the U.S. would "lead to a large-scale decline in prices."

Lower energy costs "reduce the cost of transportation, manufacturing and all household goods," he said, adding: "So much starts with energy, and remember we have more liquid gold under our feet than any other country."

Tariffs on imports 

Tariffs on China were a central part of Trump's first term as president. Now, he says that he will impose even more tariffs if he wins in November. 

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The GOP candidate has floated enacting a duty of at least 10% on all imports from all countries, a tariff of 60% on all Chinese imports and a 100% tariff on all cars made outside the U.S.

However, one report from the Peterson Institute for International Economics, a nonpartisan research group, estimates that Trump's tariff plan could cost as much as $1,700 per year for the average middle-income family.