US consumers are buying big-ticket items in anticipation of President Trump’s tariffs on imports from Taiwan and other countries. John Gutierrez, an Austin, Texas resident, bought a new laptop after hearing the news, fearing higher prices due to the tariffs. Similarly, Rob Blackwell and his wife leased a car with a limited range, expecting it to become more expensive due to the tariffs.
Economists warn that the tariffs will increase prices for everyday items, potentially weakening US economic growth. However, some consumers see an opportunity to save money by buying now before the tariffs take effect. Lee Wochner, CEO of Counterintuity marketing and strategy firm, leased a car after realizing he could avoid additional costs of around $4,300 if he waited.
The White House hopes the tariffs will prompt countries to open their economies to more American exports, leading to negotiations that could reduce tariffs or increase production in the US. However, consumers are taking matters into their own hands, rushing to buy big-ticket items before the tariffs kick in. As Wochner said, “If you need a new car, if you can get that pre-tariff deal still, you should go get it, because who knows what next Wednesday might be like.”
Source: https://apnews.com/article/trump-tariffs-economy-consumer-spending-2e29ccf002ba4a1696ea54005b1a377c