August 1 is the deadline set by the Trump administration for the arbitrary so-called reciprocal tariff being imposed on many U.S. trading partners, although a 15% duty deal with the European Union seems to spare it higher rates. Still, many consumers aren’t happy with the prospects the levies might bring, with some more concerned than others, according to market researcher Morning Consult.
In a tracking study, Baby Boomers were the most likely to rate the impact of tariffs on the economy in the United States as very bad, with 25% considering it somewhat bad. Gen X adults are next at 31% very bad and 23% somewhat bad, followed closely by Gen Xers at 29% very bad and 24% somewhat bad.
Millennials are most supportive of tariffs, with 19% saying they are very good and 24% saying that they are somewhat good. Yet even Millennials are, in total, gloomy about tariffs, with 23% saying they are very bad and 16% saying they are somewhat bad.
Overall, 51% of U.S. adults said they believe that tariffs on imported goods are a major factor in rising inflation, with 22% saying that they are a minor factor. At the same time, 43% of consumers are very concerned about the price of essential products, and 40% are similarly worried about their ability to save money.
Morning Consult added that most U.S. consumers believe that companies will pass on the cost of tariffs. Still, the percentage of those who think that the entire cost would be passed on dropped from 33% to 30% versus an earlier tracker result. Republicans are now more likely than before to blame President Trump for any price increases they attribute to tariffs, Morning Consult noted.
