Nearly 70% U.S. consumers expect higher costs amid tariff concerns

A growing number of Americans are bracing for higher costs as concerns mount over U.S. trade policies. According to a new Harris Poll conducted for Bloomberg News, 69 percent of U.S. adults expect everyday goods to become more expensive due to tariffs imposed by U.S. President Donald Trump.

The poll reveals broad skepticism about the economic impact of these tariffs. Over half of respondents (56 percent) said their household finances would be better off had the tariffs never been implemented, while 52 percent believe the potential benefits don't justify the economic strain.

Consumers are already feeling the pinch. Three in five respondents said prices for everyday items have risen in just the past month. Half believe the economy has weakened since 2024, reflecting persistent concerns about inflation and the risk of a recession.

Retailers are responding accordingly. Walmart recently warned that it will begin raising prices to offset higher costs on new inventory. Target, which sells a range of non-essential goods such as clothing and home items, also adjusted prices and cut its sales forecast this week after noting a significant drop in consumer spending.

With economic uncertainty looming, many Americans are tightening their belts. Sixty percent of respondents said they've already cut back on spending, and another 16 percent expect to do so soon. Among those reducing their expenses, over 70 percent are eating out less, and 57 percent are spending less on entertainment.

Even summer travel plans are being scaled back. While around half of Americans still plan to travel this summer, one-third say they've booked fewer trips compared to last year.