By Kelsey Butler | Bloomberg
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.
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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 who 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.