Economics
Tariffs, Consumer Spending, and What Comes Next
Report summary
U.S. adults have become more aware of and more opposed to tariffs in the first few months of President Trump’s second term. A growing share of consumers say that the current rate of tariffs is too high, and they are opposed to increased rates across all categories tracked. 7 in 10 believe companies will pass on the cost of tariffs through price increases. However, among those expecting cost pass-through, 51% expect companies to pass on half or less of the costs via price increases. Many consumers have pulled up purchases ahead of impending tariffs to avoid price hikes, potentially a sign of slowing spending going forward.
Key Takeaways
- A growing share of consumers think tariff rates in the U.S. are too high and oppose raising tariffs across all categories tracked by Morning Consult.
- 70% of respondents believe companies will pass on tariff costs through increased prices, but most believe that companies will absorb at least half of the cost.
- Ahead of impending tariffs and price increases, many consumers have pulled forward purchases for durable goods, perhaps leading to higher sales today at the expense of spending tomorrow.
Data Downloads
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Methodology
Morning Consult data featured in this report draws primarily from a survey conducted April 3 – April 4, 2025 among a sample of 2,258 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, gender, race, educational attainment, region, gender by age, and race by educational attainment. Results from the full survey have a margin of error of plus or minus 2 percentage points.
Also included in this report is data from Morning Consult’s U.S. Supply Chain and Inflation Tracker, which have data available to download.
About the author
Sofia Baig is an economist at decision intelligence company Morning Consult, where she works on descriptive and predictive analysis that leverages Morning Consult’s proprietary high-frequency data. Previously, she worked for the Federal Reserve Board as a quantitative analyst, focusing on topics related to monetary policy and bank stress testing. She received a bachelor’s degree in economics from Pomona College and a master’s degree in mathematics and statistics from Georgetown University.
Follow her on Twitter @_SofiaBaig_For speaking opportunities and booking requests, please email [email protected]
