According to a recent survey, one in three Americans are hoarding everyday essentials like toilet paper and non-perishable food because they are worried that rising costs would result from President-elect Donald Trump’s threat to impose taxes on imported goods.
According to a December study by CreditCards.com, which disseminates data on credit cards and financial literacy, 34% of respondents stated that they are hoarding goods because they are afraid or unsure of the future. The group polled 2,000 Americans in late November.
Three out of ten respondents indicated they planned to incur or take on more debt, and the majority stated they would use credit cards for some or most of their holiday purchases.
Fear of price increases due to tariffs was the primary reason given by 39% of those spending more, out of the 30% of customers who stated they intended to buy more than normal this Christmas season.
Trump has stated time and time again that he will put tariffs on foreign goods, promising to impose 25% tariffs on all commodities from Canada and Mexico and an additional 10% tax on goods from China. Economists have cautioned that tariffs are likely to increase domestic inflation by raising the cost of everything from lumber to gasoline.
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