Summary
A new YouGov poll reveals widespread disapproval of President Trump’s recent tariff policies, with 51% of Americans viewing them as “the largest peacetime tax hike in U.S. history.”
The survey shows 50% disapprove of Trump’s “Liberation Day” tariffs announced April 2nd, which imposed a baseline 10% levy on all imports with additional tariffs on specific countries.
Trump escalated tensions by threatening China with 50% additional tariffs if they don’t withdraw their retaliatory measures.
Even Ted Cruz expressed concern, calling tariffs “a tax on consumers.”
The effects of the tariffs haven’t hit most people yet. People with a 401(k) or who otherwise own stocks obviously know but that’s not necessarily immediate pain. I’m guessing if there’s no reversal in policy, late summer and early fall is when the shit is really going to become real for a lot of people.
Major companies have stocked up on inventory. Those inventories will slowly dwindle and prices will slowly rise. But a lot of consumer-facing companies launch new products in late summer (for back-to-school spending) or early fall (for Christmas spending). It’ll be completely undeniable when even Walmart doubles prices.