US shoppers stockpile ahead of Trump’s tariff price hikes

As the Trump administration's new round of import tariffs approaches, many US consumers are bracing for price hikes, prompting a surge in stockpiling.

On April 3, 53-year-old Thomas Jennings was seen at a Walmart Supercenter in the midst of loading up his cart with beans, canned goods, flour, and more, Caliber.Az reports via foreign media.

"I'm buying double of whatever—beans, canned goods, flour, you name it," said Jennings, who believes that the tariffs will drive up retail prices. He had also purchased bulk flour, sugar, and water at Costco, preparing for what he anticipates to be a looming recession. “I am preparing for the worst,” he added.

The Tax Foundation estimates that the new tariffs will cost Americans $3.1 trillion over the next decade, resulting in a $2,100 tax increase per household in 2025. While some shoppers are taking a wait-and-see approach, others are fearful that any panic could exacerbate inflation and lead to further stockpiling. 

Manish Kapoor, founder of GCG, a supply chain management firm, pointed out that the tariffs are reviving memories of the supply chain disruptions and empty shelves seen during the COVID-19 pandemic.

"We saw this during COVID as well, where everybody frantically went and grabbed everything on store shelves," Kapoor noted. "People are worried that the cost [of goods] is going to go up." 

Meanwhile, consumers like Angelo Barrio, 55, and Maggie Collins, in their mid-60s, are also preparing for potential price hikes. Barrio, who has been stockpiling non-perishable goods since November, fears that retailers will pass on tariff costs to consumers. Collins, a health aide, is particularly concerned about the impact of price increases on senior citizens living on fixed incomes. 

In Longmont, Colorado, business has spiked at Valley Subaru, with General Sales Manager Nic Chuenchit attributing the increase in car sales to consumer concerns about the new tariffs on imported vehicles. Despite the uncertainty, Chuenchit remains optimistic, recalling how car sales remained resilient during the 2008 recession and the pandemic.

By Naila Huseynova