Kristen Hull, a 38-year-old accountant, expressed her concerns about potential price increases due to tariff proposals, leading her to purchase a new car earlier than planned. 'I was just thinking, if not now, maybe in six months it might be way out of my price range,' she said, highlighting the urgent financial decisions consumers are making amidst tariff fears.
Indi Dutta-Gupta, a fellow at Georgetown University and the Roosevelt Institute, emphasized that many companies have stated that they will pass higher prices from tariffs directly onto consumers. This sentiment reflects broader concerns in the market about how tariffs will affect pricing for essential goods, reinforcing the urgency felt by consumers.
TikTok influencers are capitalizing on tariff fears, with videos urging viewers to stock up on products like cosmetics and clothing going viral. The direct engagement and panicked comments on these videos illustrate how consumers are reacting to impending tariff changes, showcasing the anxiety surrounding potential price hikes.
Karoline Leavitt, a spokesperson for the Trump-Vance transition, defended previous tariffs by stating they created jobs and spurred investment without causing inflation. However, experts warn that the sweeping tariffs proposed could significantly increase prices on everyday goods, raising concerns among consumers and businesses.
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