London: Americans are planning to spend less money this summer due to the impact of U.S. President Donald Trump’s trade tariffs, The Independent has said, citing polling, surveys and media reports.
In a survey by personal finance company WalletHub, 45 percent of respondents said tariffs are affecting their travel plans, while nearly two in three said they plan to spend less this summer than they did last year, the British daily said in a Tuesday online report.
A survey of 1,516 U.S. consumers by the accounting giant KPMG in April found that 50 percent are cutting back spending due to tariffs and more than 70 percent expect a recession within the next 12 months.
“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,” freelance copy editor Raina Becker told NBC News.
Brad Russell, a Philadelphia father of two, told Bloomberg that his family will be taking more modest vacations this summer because they expect costs to rise, and taking weekend car trips to nearby attractions rather than week-long spells at major resorts such as Disney.
Since retaking power this January, Trump has used emergency powers to impose steep new taxes on a wide range of imported goods.
