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.
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.
The illegal tarrifs on Canadian softwood lumber raised the price of a single family home in the US by more than $10,000 while Canadian lumber companies enjoyed record profits because demand remained high. The tarrifs are intended to allow less cost effective American companies to charge more by making more cost effective foreign products more expensive. It’s about raising prices.
Trump voters voted to pay more to make rich people richer.