Americans are tightening their belts this summer, with many planning to spend less due to the impact of President Donald Trump’s trade tariffs, recent surveys reveal.
According to a survey by personal finance company WalletHub, 45% of respondents said tariffs are affecting their travel plans. Nearly two-thirds plan to spend less this summer than they did last year.
A separate survey conducted by accounting firm KPMG in April found that half of U.S. consumers are cutting back on spending because of tariffs. More than 70% expect a recession within the next 12 months.
“The tariffs are making high prices even more unreasonably high, to the point where what you’re charging is not even close to what this is worth,” freelance copy editor Raina Becker told NBC News.
Brad Russell, a father of two from Philadelphia, shared a similar sentiment. He told Bloomberg that his family will be opting for more modest vacations this summer, choosing weekend car trips to nearby attractions over weeklong stays at major resorts like Disney.
Since January, President Trump has utilized emergency powers to impose steep new taxes on a wide range of imported goods, affecting consumer prices and spending habits across the nation.
As tariffs continue to influence the economy, many Americans are adjusting their budgets and lifestyle choices, signaling potential challenges ahead.
