Two-thirds of Americans think Trump tariffs will lead to higher prices, poll says
Two-thirds of Americans think Trump tariffs will lead to higher prices, poll says
Exclusive: a Harris poll raises questions about the popularity of one of Trump’s key economic policy platforms
Summary
A Harris poll reveals that 69% of Americans believe Donald Trump’s proposed tariffs would increase consumer costs, with many planning purchases ahead of his inauguration to avoid price hikes.
Trump has championed tariffs as a key policy to boost domestic manufacturing, but economists and corporate leaders warn costs will be passed to consumers, potentially adding $2,600 annually to household expenses.
While Republicans are more supportive of tariffs, only 51% think they will benefit the economy.
The poll highlights widespread concern over tariffs’ economic impact, especially amid lingering inflation and financial uncertainty.
It amazes me that Republicans can be supportive of what is a blatant tax grab by the federal government. Trump is basically saying "I'm going to add a federal sales tax on top of the majority of everything you buy to the tune of 25% or more. With China, a lot of that is manufactured consumer goods. But with Canada and Mexico, we're talking food products, automobiles, natural resources needed by American industries, etc.
Maybe they should have bothered to vote? Crazy idea, I know.
I like how the headline says 2/3 of Americans "think" tariffs will lead to higher prices. The other 1/3 aren't thinking at all.
Tariffs are passed on straight to the consumer and the main outcome is that Americans will need to pay more. Demand for products from other countries isn't going to suddenly disappear. Some things can't be easily made in the USA, and sometimes the items made overseas are a higher quality product.
It's like rebates - they very rarely benefit the consumer. Having a 30% rebate for solar panels is fine, but it means the prices are at least 30% higher than they should be, which is obvious if you compare US prices to European and Australian prices for identical systems.
New cars coming from Canada or Mexico? 25% more expensive. American cars
madefinal assembly in USA with tons of parts from Mexico/Canada will be $$ too. And about every piece of electronics 10% more expensive too.Does Trump know that drugs like fentanyl is being made in USA? Does he thin
gk drug manufacturer/dealer all come from mexico/canada/china?So, at least a 1/3rd of them voted for higher prices? I mean it's fine if that's what they wanted I guess.
Lol.
We're such an unforgivably stupid society.
It doesn't matter what politicians we choose. It doesn't matter if the "pendulum swings back". We're stupid. Wherever the pendulum is, we're still stupid. So we're still going to trend downward, because that's the only direction a stupid society can go.
Doesn't need much thought. When has a tariff or import tax ever not resulted in higher prices? How could it NOT??
I love how people are debating this as if it's not a well understood concept. Can't wait till we get headlines like "1/4 of people belive a bullet to the head might possibly be fatal in some cases".
Tariffs are a necessary tool, and can be positive in the long run to create revenue and lower trade deficits. They are a regressive tax, but there is some positive to making some imported goods more expensive in the US. It does discourage companies from importing everything. In moderation targeted tariffs can be good.
The debt is projected to be $50 trillion by 2034, so revenue does need to be increased somehow. Otherwise on the current track the US will be unable to service it's debt.
Ideally they should just tax billionaires, but politically this is a lot easier for them.
The problem with tariffs is moreso on what they're going to do with the revenue. The surplus will almost assuredly be used to give tax cuts to the rich, and the debt will likely be $50 trillion by 2028, not 2034.