Fear of Trump Tariffs Leads Consumers to Stockpile Goods

The fear of high tariffs imposed by President-elect Donald Trump is causing a rush of consumer stockpiling of dry goods, medications, and other necessary items. However, it isn’t due to the fear of a shortage of food and other items, such as when shoppers stocked up on goods during the COVID-19 pandemic.

According to CNN, Trump claims that on his first day in office, he will implement a 10% to 20% tariff on all goods imported into the U.S., a 60% or more tariff on goods from China, and a 25% across-the-board tariff on imports from Mexico and Canada.

Brian Hughes, a Trump-Vance transition spokesman, told CNN in November that Trump will “implement economic and trade policies to make life affordable and more prosperous for our nation. President Trump has promised tariff policies that protect the American manufacturers and working men and women from the unfair practices of foreign companies and foreign markets.”

However, a stockpiling mindset is discouraged. Engaging in this type of behavior could lead to higher prices and fewer goods to go around.

Scott Lincicome, vice president of general economics and trade at the Cato Institute, explained, “We certainly don’t know if we’re really getting this global tariff thing, and certainly not on day one.” Trump has vowed to impose higher tariffs on Mexico, Canada, and China on day one of his presidency. Stockpiling to try to save money down the road could be “preparing for something that never happens,” he said.

Poll Shares What Americans Think of Trump’s Proposed Tariffs

A Reuters/Ipsos poll found that Americans don’t think import tariffs are a good idea if they lead to higher prices. They are also worried these tariffs will not help U.S. workers who would be faced with increasing prices in order to stay in business.

According to Reuters, only 29% of participants in the poll agreed with the statement that “it’s a good idea for the U.S. to charge higher tariffs on imported goods even if prices increase.” Meanwhile, 42% opposed the idea, 26% were unsure, and the remaining respondents did not provide an answer. Additionally, only 17% agreed that tariffs on imported goods benefit them personally.

In an interview with NBC’s “Meet the Press” that aired recently, Trump said he did not believe that consumers ultimately pay the price of tariffs, adding, “I think they’re beautiful. Tariffs are going to make our country rich.”

Trump stated during the interview, “Tariffs are going to help us pay off $35 trillion in debt. Tariffs are going to make our country safe because China, as an example, doesn’t want to play games with us if we’re going to do tariffs on them. They don’t want to play games. And we have a lot of games being played on us right now.”

The president-elect claimed that tariffs would go into effect on day one of his presidency in January 2025.