2 in 3 Americans believe Trump's Tariff Plans Will Result in Higher Prices, New Poll Finds

Donald Trump raised economic concerns with a renewed vow to impose steep tariffs on imports from Canada, Mexico and China, prompting analysts like Walmart's Chief Financial Officer to predict that the measure would lead to increased costs for consumers, particularly for items such as toys, electronics, and clothing.

A new survey by the Harris Poll just revealed that a majority of Americans (almost 2 in 3) seem to agree, with agreement across the aisle, albeit in different degrees: Democrats (79%), independents (68%), and Republicans (59%).

The poll highlights widespread concern over the economic impact of tariffs. Three-quarters of respondents believe companies will pass the additional costs to consumers, potentially raising household expenses by $2,600 annually.

The potential price increases would add strain to households still recovering from recent inflationary pressures. Although inflation rates have moderated since 2022, prices remain elevated. Only 35% of respondents in the poll reported feeling financially secure with their current earnings and savings.

"Tariffs look great at a campaign rally, but not in the grocery store or in the dealer showroom," said John Gerzema, CEO of the Harris Poll to The Guardian. "Passing tariffs along in the form of higher prices will be highly unpopular and likely to dampen consumption."

The poll also revealed gaps in public understanding of tariffs. While 78% of respondents felt confident they understood tariffs, only 48% correctly identified that American companies, not foreign countries, pay the tariffs. Misconceptions were more prevalent among Republicans, with nearly half (47%) believing foreign nations bear the cost.

The tariffs, a key feature of Trump's economic platform, aim to boost domestic manufacturing. However, economists doubt they will achieve that goal, citing potential price hikes for consumers. Dr. Jeremi Suri, award-winning global affairs lecturer and author recently told the Latin Times that they could actually inflict greater damage on the U.S. economy by disrupting supply chains in key industries, reducing production efficiency, and straining international trade partnerships.