One of the most searched questions on the internet right now is will the tariffs cause a recession? Experts say tariffs will increase our risk of a recession, yet a recession is not inevitable. Our CEO Mark Henry was featured on WCNC-TV to discuss the impact of tariffs on U.S. consumers. He said prices will rise significantly which will force consumers to change their shopping habits.
China, Mexico, and Canada are facing tariffs which will impact the price of everything from electronics to food and clothing. Many goods you’re used to buying may be hard to find. Concerned consumers can switch from apps like Temu and Shein and buy clothing and other household items from local merchants. Amazon shoppers can search for American Made products to find the products they want at a price they can afford.
When the price of avocados or any of your other favorite food items gets too high for your budget, try something new and challenge your taste buds. When the tariffs take effect, you may not be able to purchase the same products from the same manufacturers you are fond of, but you can find something similar if you take the time to look.
The impact of tariffs will be widely felt. Inflation will rise, jobs will be lost, stock prices will decrease, and investors will shift assets to something safer like gold and cash. Many years ago, tariffs were a normal part of doing business but in 1942 that changed. Today, the U.S. has free trade agreements with 14 countries and the U.S.-Mexico-Canada agreement and the U.S. and China Phase One trade deal will be the first to go away. Will there be more to follow? That remains to be seen.