NATIONAL REPORT – A significant majority of Americans are expressing deep concern over the potential repercussions of tariffs on both their personal finances and the broader U.S. economy. A recent survey conducted by Bankrate, reveals that a striking 65% of U.S. adults anticipate a negative financial impact from these taxes on imported goods. Among them, a substantial 41% fear that tariffs will “greatly” worsen their financial standing, signaling widespread apprehension across the nation.

This pervasive anxiety regarding tariffs is not an isolated sentiment but rather a reflection of a broader unease about the nation’s economic trajectory. The Bankrate survey highlights that 56% of Americans believe the U.S. economy is currently heading in the wrong direction, a figure that has remained remarkably consistent since polling conducted prior to the November 2024 presidential election. This suggests a persistent undercurrent of economic pessimism that predates and now intertwines with the debate over trade policy.

The issue of tariffs, however, sharply divides along partisan lines, underscoring the deep ideological rifts in American economic thought. While a majority across the political spectrum voiced concern, Democrats emerged as the most vocal critics, with a commanding 91% believing that tariffs would negatively affect their finances. This contrasts with 62% of Independents who share this view and a notably lower 46% among Republicans. Conversely, a significant minority of Republicans, 36%, hold an optimistic outlook, believing that the new duties could actually improve their financial well-being. This positive sentiment is considerably less prevalent among Independents (13%) and almost non-existent among Democrats (5%).

Concerns about the financial pinch of tariffs are also consistently echoed across various demographic segments. The survey found that majorities in key age groups – including 65% of Gen Z, 69% of Millennials, and 68% of Baby Boomers – all foresee tariffs taking a detrimental toll on their wallets. Delving deeper into income brackets, middle-income earners, specifically those with annual incomes between $75,000 and $99,999, registered the highest level of apprehension, with 70% expressing concern. This suggests that the perceived threat of increased costs resonates strongly with households managing tight budgets.

The growing apprehension over tariffs arrives at a particularly sensitive economic moment for many American households already grappling with persistent inflationary pressures. The Bankrate survey underscores this reality, with a staggering 97% of respondents reporting that they have witnessed higher prices over the past year. The daily expenses most frequently cited for these price hikes include groceries (affecting 91% of Americans), dining out (75%), and the cost of gasoline (59%). This widespread experience of rising costs forms a critical backdrop to the public’s concern about additional burdens from tariffs.

Economists have voiced serious warnings about the potential for tariffs to exacerbate this inflationary environment, potentially even increasing the risk of a recession. Projections from institutions like the Yale Budget Lab provide a tangible scale to these concerns, estimating that the current tariffs could lead to an average price increase of 1.5% across goods. Translated into household terms, this effectively imposes an additional annual tax of nearly $2,500 on the average American household, a figure that could significantly erode purchasing power and discretionary spending. This economic forecast adds weight to the widespread public sentiment of financial vulnerability.

In summary, the latest survey data paints a clear picture of widespread public concern regarding the economic implications of tariffs. While partisan and demographic differences exist, the overarching sentiment is one of caution and anticipated financial strain. As policymakers navigate complex trade landscapes, the voice of the American consumer, increasingly wary of rising costs and economic uncertainty, will undoubtedly play a crucial role in shaping future decisions.

See the full survey report on Bankrate.com.