December 10, 2024 (Latin Times) –
U.S. President Donald Trump speaks about immigration reform in the Rose Garden of the White House on May 16, 2019 in Washington, DC. Alex Wong/Getty Images
Fearing the possibility of higher prices driven by President-elect Donald Trump's proposed tariffs on imported goods, Americans are racking up debt to hoard toilet paper and non-perishable food, according to a report.
During his campaign, Trump repeatedly promised to impose steep tariffs on imported goods, including a 25% levy on products from Canada and Mexico and up to 60% on Chinese imports, Daily News reported.
Economists have warned that such measures would likely lead to increased prices for everyday items, ranging from groceries to gasoline.
Recent inflation and lingering supply chain issues have already placed financial pressure on households, further heightening anxiety over the potential economic impact of these policies.
34% of Americans are hoarding household staples, with toilet paper topping the list at 77% of stockpilers, followed by non-perishable food (76%) and medical supplies (58%), according to a December report from CreditCards.com.
The survey, conducted with 2,000 U.S. residents in late November, also found that 39% of respondents planning to spend more this holiday season cited rising tariff fears as their motivation. However, this surge in purchasing is driving many consumers into debt, with 30% admitting they will rely on credit cards and may face increased financial strain.
If implemented, the proposed tariffs could exacerbate inflation and alter shopping habits nationwide, particularly for low-income families.
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