Most Americans Fear Tariffs Will Hurt Economy and Wallets

Americans are increasingly anxious about the financial fallout of rising tariffs, and many are altering how they shop, spend and celebrate, a new survey by marketing research firm Savanta shows.

“What was a policy debate in D.C. is now a budgeting issue in households across the country,” Kyle Gollins, Head of Commercial, Americas at Savanta, said in a news release. “And with a majority of Americans (56%) saying they have a moderate or strong understanding of current U.S. tariff policies, the concern isn’t just reactionary, but rooted in awareness.”

According to the poll, 54% of Americans fear the Trump administration’s tariffs will hurt the economy. However, views on tariffs are split along party lines:

• 73% of Democrats and 55% of independents concur
• 33% of Republicans agree

But many Americans are fearful of tariffs’ effects on themselves:

• 43% say tariffs will hurt their personal finances
• 35% say tariffs are a hidden tax on consumers
• 48% expect tariffs to rise over the next year

Most Americans are adjusting how they shop:

• 71% have altered or are contemplating altering their purchases because of increased prices
• 61% have switched to less-expensive brands in recent months

“Americans are adapting in quiet but meaningful ways,” said Jennifer Kim, research analyst at Savanta. “They’re buying less, trading down, and expecting things to get worse before they get better.”

Tariffs Are Shaping Consumer Behavior

• 66% have noticed grocery price increases, and 42% say clothing prices have risen in the past six months
• 77% expect that tariffs will affect their household finances during the next 12 months
• 64% say they feel somewhat or extremely stressed about their financial situation, with Democrats (71%) more stressed than Republicans (59%)

Fourth of July Plans Reflect Economic Anxiety

This year’s Fourth of July celebration plans appear more subdued, which Savanta said is further evidence of rising financial pressure.

• 27% of Americans are traveling less than last year, and 71% plan to spend under $250 over the holiday
• 37% will stay with friends or family
• 54% say they are not influenced by Fourth of July sales, despite retail promotions
• 67% feel somewhat or extremely patriotic about the Fourth of July, with Republicans (83%) significantly more patriotic than Democrats (55%)

Despite political divides and economic pressure, Democrats, Republicans and independents all agree – burgers are the top pick for holiday food.

Savanta surveyed 1,000 U.S. adults aged 18 and older for the survey on June 13 and 14.