By Bloomberg News (TNS)’s Kelsey Butler
According to a recent survey, one in three Americans are hoarding everyday essentials like toilet paper and nonperishable food because they are worried that prices will rise as a result of President-elect Donald Trump’s promise to impose taxes on imported goods.
According to a report released in December by CreditCards.com, a website that provides information on credit cards and financial literacy, 34% of respondents stated that they are hoarding goods because they are afraid or unsure about the future. In late November, the group conducted a study with 2,000 Americans.
Three out of ten respondents indicated they planned to incur or take on more debt, and the majority stated they would use credit cards for some or most of their holiday purchases.
Fear of tariff-related price increases was the primary factor given by 39% of the 30% of consumers who stated they intended to make larger purchases this holiday season.
Trump has stated time and time again that he will put tariffs on foreign goods, promising to impose 25% tariffs on all commodities from Canada and Mexico and an additional 10% tax on goods from China. Economists have cautioned that tariffs are likely to increase domestic inflation by driving up the cost of goods like lumber and gasoline.
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