As trade tensions continue, a significant number of Americans are bracing themselves for higher prices on everyday goods. A recent Harris Poll indicates that 69% of U.S. adults expect costs to rise due to tariffs imposed by U.S. trade policies.
The poll highlights widespread skepticism about the economic impact of these tariffs. Over half of the respondents (56%) believe their household finances would have fared better without the tariffs, and 52% feel that the potential benefits do not justify the economic strain.
Consumers are already feeling the impact. Three out of five surveyed reported that prices for daily necessities have increased in the past month alone. Furthermore, half of the participants believe the economy has weakened since last year, amid ongoing concerns about inflation and a potential recession.
Retail giants are responding to these shifts. Walmart has warned that it will raise prices to offset higher costs on new inventory. Similarly, Target adjusted its prices and revised its sales forecast after observing a notable drop in consumer spending on non-essential items like clothing and home goods.
With economic uncertainty looming, many Americans are tightening their belts. Sixty percent of those surveyed have already cut back on spending, with an additional 16% planning to do so soon. Among those reducing expenses, over 70% are dining out less, and 57% are spending less on entertainment.
Even travel plans are being reconsidered. While about half of Americans still intend to travel this summer, a third have booked fewer trips compared to last year.
The ripple effects of trade policies are becoming increasingly evident in the daily lives of consumers. As prices rise and spending habits change, the broader economic landscape remains uncertain.
