February 5th 2025.
According to a recent report, a majority of Black Americans, 86% to be exact, are concerned about the impact of tariffs on consumer prices this year. This concern has been sparked by President Trump's proposed tariff plan, and it has already caused many people to rethink their shopping habits. It's clear that the possibility of rising prices due to tariffs is a major worry for those surveyed.
The survey, which was conducted by Bid-On-Equipment and executed by Digital Third Coast, a digital marketing agency, looked at the shopping habits, plans, and financial concerns of 1,007 Americans. Out of the 269 Black Americans surveyed, the data showed that 78% of them are planning to change how they shop in response to potential tariffs. Additionally, 77% are worried about the financial impact of tariffs, and 76% believe that prices will go up because of them. In fact, 15% of those surveyed have already started stockpiling items in anticipation of the tariffs.
One of the main concerns among respondents is the potential negative impact of tariffs on their wallets. This fear is understandable, especially considering the recent actions taken by both the US and China. On February 4th, China imposed tariffs on US goods, and in response, the US has announced a 10% tariff on Chinese goods. The situation has caused uncertainty and has already led to changes in shopping behavior.
The survey also revealed that a majority of respondents, 64%, are planning to reduce their spending on dining out and takeout as a result of potential tariffs. While many people prefer to support domestic products, the data shows that 68% of respondents cite higher costs as a barrier to buying American-made goods.
Interestingly, the survey also found that 68% of Black Americans believe that tariffs could actually help revive US manufacturing, which currently makes up 11% of the country's GDP. However, despite this belief, 78% of those surveyed still consider buying American-made goods to be important to them.
It's been reported that the proposed tariffs on Canada, Mexico, and China could lead to an increase of over $800 in costs for each US household this year. This has raised concerns about the potential impact on everyday items such as homes, automobiles, electronics, groceries, and gasoline.
Allison Hadley, a spokesperson for Bid-On-Equipment, discussed some of the key findings from the survey, stating, "It's significant that even back in January, over two-thirds of Americans were already worried about the negative effects of tariffs and were changing their shopping habits. It's clear that people are anxious about the economic fallout from these tariffs."
With the potential for retaliatory tariffs from Canada and Mexico, it remains to be seen how the situation will continue to unfold. However, one thing is certain: the impact of tariffs on consumer prices and shopping habits is a major concern for many Americans, particularly in the Black community.
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