U.S. Consumers Expect Price Hikes Amid Trump Tariffs

New tariffs implemented under President Trump are causing widespread concern among U.S. consumers and industries, with 73% expecting price increases and 57% opposing the tariffs. Surveys show that 77% of consumers are aware of these tariffs, with most concerned about their personal financial impacts and planning to adjust their spending habits accordingly. The automotive sector faces significant cost increases, with tariffs potentially adding $2,000 or more to car prices per consumer due to imported vehicle components, mainly from Mexico and China. Supply chain executives are grappling with the complexity and volatility caused by rapidly changing tariff policies, seeking strategies to mitigate their impact. Economists warn that the tariffs have clouded the outlook for global economic growth and contributed to market volatility, affecting investments and corporate financial health. Overall, the tariffs are reshaping trade dynamics, consumer behavior, and economic forecasts in 2025.