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Glp Tablets and appliances made in China, hybrid cars built in Canada, European wine. As Donald Trump’s second inauguration as president quickly approaches, Americans are stocking up on goods in anticipation of tariffs Trump plans to place on imports, according to a Guardian reader poll. Since the election, Trump has promised to immediately impose a 25% tariff on Mexican and Canadian imports, along with increasing existing tariffs on Chinese imports by 10%. On the campaign trail, Trump said he would put tariffs of 10% to 20% on all imports. Economists widely agree that prices will increase with tariffs. Though the policy is meant to encourage American companies to produce their goods domestically, the global supply chain has become so entangled and interconnected that for many companies, the most simple thing will be to pass the cost of tariffs on to consumers – executives from multiple companies, including Walmart, Columbia Sportswear and AutoZone, have said they will do as much. In a November Harris/Guardian poll, nearly half (44%) of respondents said they were planning purchases before Trump entering office, while nearly two-thirds (62%) said they were at least adjusting their financial plans for next year. The Guardian asked readers whether they had made or were planning to make purchases in anticipation of Trump’s tariffs. Dozens responded with what they had bought with inauguration day in mind. Many readers said they made major electronics purchases in anticipation of new tariffs against China. According to the Consumer Technology Association, a 60% tariff on Chinese imports could push up prices for laptops and tablets by 46% and smartphones by 26%. Even though many said they would have preferred to hold off on making bigger purchases, many felt the pressure of looming tariffs. Household appliances, such as washers and dryers and kitchen appliances, have also been top of mind. The National Retail Federation estimates consumers would pay an additional $6.4-$10.9bn on appliances with tariffs. “We are purchasing a new washer and dryer … which we have put off due to medical bills,” said Liza Gilbert of La Crosse, Wisconsin. “It will be even harder to afford in January.” Those who were planning home renovations have been buying construction materials in advance of tariffs, particularly ones placed on Canada that could affect material like imported wood for cabinets. “My partner is laying in supplies and materials for a new roof we had planned for the spring,” said Jen Thomas of West Virginia. “While the rush of a second Trump presidency is still exciting for many West Virginians, my partner and I are neither excited nor optimistic about the next four years.” “My husband and I stocked up on toilet paper and flour early in the pandemic, so thought we’d be clever and try to get ahead of the looming price hikes due to Trump’s tariffs,” said Molly Heath, of Indianapolis, Indiana. “Lessons learned, right?” Others have stocked up on food that can last on their shelves. “Everything will go through the roof when [Trump] takes office,” said Carol Lee Wood of Virginia, who said she has made more purchases of beans, rice, powdered milk and freeze-dried fruits and vegetables. “I wish I could stockpile gasoline and avocados!” [link to www.theguardian.com (secure)] | ||
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