by Jeffrey McKinney
February 5, 2025
Fifteen percent of Black Americans started stockpiling items in response to expected tariffs.
A new report shows that 86% of Black Americans are convinced that tariffs will raise consumer prices this year.
That possibility, stemming from President Trump’s proposed tariff plan, has already caused many to change their shopping habits.
The findings suggest that those asked fear the potential detrimental impact of tariffs on their wallets. On Feb. 4, China imposed 10% to 15% tariffs on U.S. goods after America levied a 10% tariff on Chinese goods. Trump has delayed the 25% tariffs he previously announced on products from Canada and Mexico for a month.
A survey of 1,007 Americans was conducted last month on how tariffs could impact their shopping habits, plans, and bank accounts. It was commissioned by manufacturing equipment seller Bid-On-Equipment and executed by Digital Third Coast, a Chicago-based digital marketing agency, which provided findings on the 269 Blacks surveyed.
The data showed that 78% of Blacks plan to change how they shop due to potential tariffs. Seventy-seven percent are worried about how the tariff plan will affect them financially, and 76% say the threat of tariffs will raise prices. Fifteen percent started stockpiling items in response to expected tariffs.
Overall, the survey revealed that 64% of respondents plan to reduce dining out and takeout spending. Though most people want to support domestic products, 68% cite higher costs as the main barrier to buying American-made goods.
The analysis also showed that 68% of Black Americans contend tariffs could help revive U.S. manufacturing, which accounts for 11% of GDP. Currently, 78% of Blacks declare buying U.S.-made goods is important to them.
In general, it has been reported that the proposed tariffs on Canada, Mexico, and China could boost costs by over $800 for each U.S. household this year. Observers also say tariffs could elevate prices, including on homes, automobiles, electronics, groceries, and gasoline.
Allison Hadley, a spokesperson for Bid-On-Equipment, talked about some of the revelations that surfaced from the survey.
“We conducted this survey on January 10, and I think it’s significant that even then, over two in three Americans think overall, tariffs will affect them negatively, and a similar amount are already changing their shopping habits.”
She added, “Not only that, but 12% of Americans were stockpiling items they thought would be affected by tariffs. It seems people are very anxious about the economic fallout from these tariffs.”
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