US: Large Majority Of US Voters Expect Tariffs To Results In Higher Prices

A new surveyfrom Ipsos has found that, “An increasingly large majority (now 70%) believe that tariffs will raise prices on the goods they buy. But only one in three think it’s fair for companies to pass along the cost of tariffs in the form of higher prices.”

• Ipsos notes: “That’s a tension worth watching in a number of ways. One is the consumer side and how much people will push back on price hikes, especially as inflation stubbornly persists. The administration is already “softening its tone” on how quickly prices will come down.”
• Comes after President Donald Trump said on Tuesday he could impose a 25% tariff on automobile, semiconductor, and pharmaceutical imports as soon as April 2, when an interagency trade review is completed.
• Trump added that tariff measures could “go very substantially higher over the course of the year,” and reiterated that countries could avoid tariffs if they move manufacturing operations to the United States.
• Semafor reports: “Experts have debated the impact of Trump’s policies so far: One Natixis economist wrote that Southeast Asian countries stood to gain, Goldman Sachs’ chief economist said little had changed, while another prominent analyst warned that recent data suggested American consumers may bear the full brunt of tariffs.”

Figure 1: To what Extent do Voters Agree with the Following Statements