People who don’t have stocks in their hands may have escaped the global stock market crash, but now the United States, the initiator, has to face the grab for supplies. On the first weekend after Trump announced the tariff policy, there was a buying spree at mass merchandise stores in large cities in the United States. Many people rushed to buy daily necessities before the tariffs took effect.
After Trump’s tariffs were announced last weekend, the New York Times looked at whether Americans had changed their shopping habits and found at Costco that many people were buying more items than usual, including water, soap, mouthwash and other daily necessities. Many people flocked to electronics stores to buy appliances, and some said they would buy cars in advance.
The New York Times observed at an electrical appliance store and found that business was very good. One family said that they originally planned to buy kitchen appliances in the summer, but they were worried that tariffs would increase the price of appliances, so they rushed to buy them all at this time. Some people face Trump's tariff policy and say it is a refreshing change, but they also admit that what is about to happen is scary.
It is also difficult to buy so many things at once, because prices have risen horribly in recent years, and many people simply cannot afford so much money at once. Some interviewees said that they could not sleep for several days because they were worried about their future financial situation.
Prices of half of supermarket goods increased
Food industry analysts estimate that almost half of the products sold in supermarkets, about 40,000 products, will be affected by the tariffs as the latest tariffs are implemented. The nonpartisan Tax Foundation said the average American household would pay $2,100 more per year for goods under Trump's tariffs.
Even though some groceries and durable goods can be bought in advance to avoid tariffs, food cannot. A professor of agricultural economics at Purdue University in the United States said food prices will be affected by factors associated with tariffs, such as rising fertilizer costs in Canada and a weaker U.S. dollar. If the Trump administration had targeted tariffs on specific countries and foods, the impact would not have been so widespread, but this time around the world, such a major policy change would involve too much.
Imported food bears the brunt
American food experts have compiled ten types of food that will become expensive in the United States. The first is seafood. The United States relies on imports for the vast majority of seafood, with a proportion as high as 85%. Vietnam accounts for 46% and is the largest supplier. Other major sources are Chile, India, and Indonesia. Several countries that supply fish and shellfish to the United States are among the countries hardest hit by tariffs.
Second is coffee. The United States is the world's largest coffee importer, with about 80 percent of imported roasted coffee coming from Latin America, with the main sources being Brazil and Colombia, according to the U.S. Department of Agriculture. In addition, the United States also relies on imports for many fruits. For example, Guatemala and Costa Rica are the largest banana exporters to the United States.
The imported alcohol industry is likely to be "hardly hit", including wine, mainly from France, Italy and Spain. Beers mainly from Mexico, the Netherlands, and Ireland. Canned beer will also take a double hit due to tariffs on Chinese and other aluminum producers. Others include rice, cheese, nuts, chocolate, and olive oil.
After decades of globalized trade, the United States has long ceased to engage in production. The purpose of Trump's tariffs is to break the existing production chain and return production to the actual control of the United States. However, Americans will inevitably have to bear the crisis of higher living costs, and the only thing left may be faith. Voters who support Trump are not afraid of this future when interviewed. They believe Trump said that the United States only needs to endure short-term pain and will eventually get more job opportunities. They also believe that companies will not increase prices indiscriminately on the grounds that they will find their own balance.