1 in 5 Americans stock up amid concerns over Trump’s tariffs

Robert Besser
24 Feb 2025, 11:48 GMT+10

One in five Americans say they are buying more than usual because they are worried about President Donald Trump's tariffs, according to a report from CreditCards.com this week
People are concerned that tariffs will lead to higher prices and economic uncertainty
Tariffs make imported goods more expensive, forcing businesses to either absorb the extra cost or pass it on to customers

WASHINGTON, D.C.: One in five Americans say they are buying more than usual because they are worried about President Donald Trump's tariffs, according to a report from CreditCards.com this week.

People are concerned that tariffs will lead to higher prices and economic uncertainty. Tariffs make imported goods more expensive, forcing businesses to either absorb the extra cost or pass it on to customers. This can raise prices across many industries, especially those that depend on foreign materials.

Many consumers fear rising costs and are stocking up on essentials like non-perishable food, toilet paper, and medical supplies before prices go up. The report found that 22 percent of people said Trump's tariffs had a significant impact on their spending, while 30 percent said they had some impact.

Wall Street is also worried that tariffs could increase inflation, stop the Federal Reserve from lowering interest rates, and slow down economic growth. Trade policy uncertainty can also affect consumer confidence.

The report said that one in five Americans described their recent purchases as "doom spending"—buying too much or making impulsive purchases due to fear of the future. About 23 percent expect to rely more on their credit cards this year, which could lead to financial trouble.

Many company leaders have told Reuters that Trump's changing tariff plans create uncertainty, disrupt global trade, and push some businesses to consider moving production to the U.S.