Jul 8, 2020 - Economy
More than a quarter of Americans are spending less because of China tariffs
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While the U.S.-China trade war has drawn fewer headlines in recent months, nearly seven in 10 Americans say they are concerned about how tariffs are impacting the cost of things they purchase. That's the same number registered in March when the coronavirus pandemic began to escalate.
Why it matters: Despite record low interest rates and trillions of dollars in stimulus from Congress and the Fed, everyday Americans say they are pulling back spending, with 28% saying they are buying less than they used to because prices had increased.
- That number is up from 19% a year ago, according to data from CivicScience, first to Axios.
The big picture: Concern about tariffs overall has risen notably since 2019.
- "Consider that, when comparing this to concern about tariffs a year ago, when CivicScience started tracking the topic, things have increased pretty dramatically," CivicScience analysts note.
- "In June of 2019, 61% of American adults were at least somewhat concerned about tariffs, so eight percentage points lower than it is in June 2020."
