Key Takeaways
- The impact of Trump tariffs on the US economy is significant, with Americans planning to spend less money this summer.
- According to a survey by KPMG, 50 percent of respondents are cutting back spending due to tariffs.
- More than 70 percent of respondents expect a recession within the next 12 months, according to a survey by KPMG.
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.
According to a survey by WalletHub, 45 percent of respondents said tariffs are affecting their travel plans. Meanwhile, nearly two in three respondents plan to spend less this summer than they did last year.
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.
