US President Donald Trump has introduced sweeping tariffs that are sending shockwaves through the country, leaving many shoppers feeling paralysed by the changes. The 10% tax on most imports and a 145% duty on goods from China have triggered concerns about price hikes, shortages, and economic uncertainty.
Households across the US are bracing for potential price increases, with some trying to stock up on essentials like smartphones, clothing, and food. However, many others feel overwhelmed by the rapid changes in policy and are hoping Trump will reverse course.
The impact of the tariffs is already being felt in stores, where businesses have started introducing tariff surcharges and cancelling shipments from China. Analysts predict that prices for essential items could soar by as much as 60% in the short run, with some economists forecasting a recession.
“It’s like we’re living in uncertain times,” said Anna Woods, a 42-year-old legal operations worker who recently received a warning about potential price increases on summer gear. “I don’t know if I can afford to make purchases or not.”
The US economy is also expected to take a hit, with many economists predicting a slowdown in consumer spending and a rise in unemployment. The latest forecast from Nationwide estimates that the US economy will grow just 0.5% this year and the unemployment rate will reach 5%.
As the situation continues to unfold, shoppers are being forced to make difficult decisions about how to manage their finances and plan for the future. For some, it’s a matter of squirreling away cash under the mattress in preparation for potential economic downturns. Others are simply trying to take advantage of deals before prices rise.
“It might as well buy it now… while you have it good,” said Louis Lopez, an elevator mechanic who is stocking up on work clothes and new shoes. “It’s going to change everything for everybody.”
Source: https://www.bbc.com/news/articles/c0455r06e2ro