Report: Millions of Americans Cut Spending as Tariffs Bite
(MENAFN) Millions of Americans are tightening their budgets this summer as U.S. President Donald Trump’s trade tariffs take a toll on consumer confidence and discretionary spending, according to media reports, which referenced recent polls, studies, and media coverage.
A report published Tuesday by a British newspaper highlights findings from a WalletHub survey indicating that 45 percent of participants say tariffs are directly influencing their summer travel decisions. Additionally, nearly two-thirds plan to scale back seasonal spending compared to last year.
Supporting these trends, an April survey conducted by accounting firm KPMG among 1,516 U.S. consumers revealed that half are reducing expenditures due to tariff pressures. Alarmingly, over 70 percent anticipate an economic downturn within the next year.
A news agency quoted freelance copy editor Raina Becker, who voiced frustration over escalating prices: "The tariffs are making high prices even more unreasonably high, to the point where ... what you're charging is not even close to what this is worth."
Brad Russell, a father of two from Philadelphia, echoed similar concerns in a conversation with a media outlet, noting that his family is opting for shorter, more affordable weekend road trips over traditional longer getaways to high-cost destinations like Disney. He explained that they expect costs to rise.
Since returning to office in January, Trump has invoked emergency authority to levy aggressive new tariffs on a broad array of foreign imports, a move that’s reverberating through household budgets nationwide.
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