One
in three Americans are stockpiling daily necessities like toilet paper
and non-perishable food out of fear that President-elect Donald Trump’s
pledge to add tariffs to imported goods will lead to higher prices,
according to a new survey.
Some 34% of respondents said they are
stockpiling items because they are “fearful or uncertain about the
future,” according to a December report from CreditCards.com, which
publishes information on credit cards and financial literacy. The
organization in late November surveyed 2,000 US residents.
Overall,
the majority of respondents said they would use credit cards for some
or most of their purchases this holiday season, with three in 10
planning to go into or take on additional debt.
Of the 30% of
shoppers that said they plan to buy more than usual this holiday season,
the top reason was fear of rising prices due to tariffs, cited by 39%
of those spending more.
Trump has repeatedly said he will impose
tariffs on foreign goods, vowing an additional 10% levy on products from
China and 25% tariffs on all items from Mexico and Canada. Economists
have warned that tariffs will likely raise prices on gasoline to lumber
and send domestic inflation higher.
Anonymous
5 comments:
This November/December retail sales will hit all records with USA citizens flocking to buy upfront before prices escalate in January. After all, Christmas spending is a must as well, and the economy will be reported to be robust and setting all records. Trump is going to harvest all the credit for sure.
There are reports that USA citizens are even maxing out their credit card spending, which means more debts are being accumulated. I read with amusement, understanding wrongly or not, that the USA can just cancel its debts to others, as someone really gloated. How is that possible? Are USA citizens also thinking that all their debts can be cancelled as well when the shit hits the fan - home mortgages, car loans, education loans, credit card debts. 'Exceptionalism' must have gone to their heads as well.
Never mind, the USA can just massage inflation figures. Reality does not matter to them. USA today is just a country living its own lies and believing in them.
Janet Yellen just gave Trump her parting time bomb, using the proceeds of Russian assets to fund the Ukraine war. She is making hay while the sun still shines, making sure that Putin and Trump will never see eye to eye going forward.
Russia is not going to sit around and not retaliating. The USA via its many private companies in Russia still have many assets in Russia for Russia to seize. The same holds true for the EU assets in Russia.
What goes around, comes around sooner or later.
With all the retailers closing stores by the hundreds, how is it possible that job creation in the USA is said to be solid? Something does not add up.
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