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70% Fear Tariffs Will Spike Prices Amid Recession Risk

3/12/2025

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Summary

Story summary

A recent poll shows that 70% of Americans fear tariffs will drive up prices, and 56% disapprove of President Trump's handling of the economy. As stock markets tumble, anxiety about a looming recession grows, with analysts estimating a staggering 40% chance of economic downturn this year, largely attributed to Trump's bold tariff strategies.

History

Historical Context

Recent polling indicates that 70% of Americans fear tariffs will raise prices, echoing historical concerns from the 1930s. The Smoot-Hawley Tariff, enacted in 1930, aimed to protect U.S. industries but led to retaliatory tariffs and a dramatic decline in global trade, contributing to the Great Depression. Current fears reflect similar anxieties about economic repercussions from President Trump's tariff policies.

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Story summary

A recent poll shows that 70% of Americans fear tariffs will drive up prices, and 56% disapprove of President Trump's handling of the economy. As stock markets tumble, anxiety about a looming recession grows, with analysts estimating a staggering 40% chance of economic downturn this year, largely attributed to Trump's bold tariff strategies.

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