After US President Donald Trump proposed a "reciprocal tariff" policy, a wave of panic buying has swept across the US. According to The Wall Street Journal, Americans across all demographics—students, homemakers, and business executives alike—are rushing to purchase goods before the tariffs take effect.
A 50-year-old New York City resident recounted how he managed to secure the last Chinese-brand TV after searching multiple stores and making several phone calls. Chinese-made products, particularly electronics, have become a hot commodity as consumers brace for potential price hikes.
In one case, a 22-year-old public policy student from Southern Methodist University quickly placed online orders after Trump's announcement. She purchased US$244 worth of athletic wear from Canadian brand Lululemon and a US$150 dress from British fashion label House of Sunny. Her boyfriend stocked up on 24 cans of Guinness beer. "Tariffs have become a major topic on campus," she said, adding that students are particularly concerned about rising alcohol prices and fluctuations in the stock market.
Economists have repeatedly warned that tariffs could lead to higher prices for goods such as agricultural products, clothing, electronics, and automobiles. A March survey by the University of Michigan revealed that while inflation slowed slightly in February, inflation expectations remain elevated. Many Americans are taking a wait-and-see approach, suspecting that Trump is using the trade war as leverage in negotiations.
Billionaire Mark Cuban advised his followers on the social media platform Bluesky to start stockpiling essential items like toothpaste and soap. He noted that even American-made products could see price increases due to tariffs. Some consumers heeded his advice, pushing carts full of goods across store parking lots. Others, however, are choosing to wait, believing they can shop later if prices rise.
A 50-year-old New York resident acted immediately after hearing the tariff announcement, spending US$3,000 on electronics, car parts, gardening tools, and household supplies. He managed to buy a 40-inch Hisense TV, a Chinese brand, after significant effort. Similarly, a 29-year-old homemaker stocked up on daily essentials and plans to freeze food to extend its shelf life.
Bloomberg reported that Trump's tariff policy has disrupted the global trade system, with the US facing more severe economic consequences than other major economies. Ray Attrill, head of FX Strategy at National Australia Bank, noted that tariff-related news has heightened concerns about US economic growth, contributing to further declines in US stock markets.
Citigroup Inc.'s US equity strategist, Scott Chronert, emphasized that the newly announced tariffs pose risks to consumer and business confidence. Meanwhile, a Goldman Sachs report warned that the probability of a US recession within the next 12 months has risen to 35%, up from a prior estimate of 20%. Goldman also lowered its year-end target for the S&P 500 Index to 5,700 points, reflecting growing uncertainty in the market.
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