‘Liberation Day’ One Year Later

It’s as if we’re all running a marathon and the finish line keeps getting moved further and further into the horizon.

Amid the Uneasy Decade a series of crises that led to price hikes, namely the COVID-19 pandemic in 2020, the full-scale invasion of Ukraine in 2022, followed by U.S. President Donald Trump’s “Liberation Day” tariffs in 2025, were making many of us feel, well, uneasy about the economy. And that’s before the Iran war started in late February.

In the intervening year since Trump held up a giant poster labeled “Reciprocal Tariffs” in the White House Rose Garden on April 2, 2025, consumers in Canada and elsewhere have gone from elbows up to eyes open. 

America’s northern neighbors have dubbed this current state the Endurance Economy “reflecting a prolonged period of short-term thinking, defensive behavior, declining optimism and a relentless focus on price,” says Gregory Jack, Senior Vice President of Public Affairs for Ipsos in Canada.

“Canadians have realized that the economic pressures they are facing are not a temporary disruption, but a chronic condition.”

Not Buying American

Canucks, usually as cool as an ice hockey rink, are also still feeling pretty heated.

The inaugural Ipsos Mobility Report finds of those who say they would avoid buying a car from a specific country, Canadians are the most likely to say they would avoid buying American vehicles. 

“This is likely a direct reflection of the deep emotional response to the tariff threat posed by the United States and the rhetoric we've seen over the past year. We saw a “Buy Canadian” movement emerge in 2025 and that has slowly morphed more into a “Avoid American,” says Jack.

“Avoiding American vehicles is one tangible way for Canadian consumers to push back, use their wallets to defend their economy and send a clear message south of the border.”

People elsewhere also say they’ll use their consumer power to push back.

The idea of patriotic purchasing, which Trump has trumpeted with his ‘Buy American’ mantra appears to go well beyond the 49th parallel with 48%, on average across 31 countries, saying they’d avoid certain cars due to where the brand is from. And while some are pointing their ire towards America of those who say they’re avoiding certain automakers Chinese brands (41%, on average across 31 countries), followed by Indian (38%) and American (24%) car companies, top the list.

Ipsos in the U.S. noted last fall “for decades, American brands have been among the United States’ most recognizable and powerful economic and cultural exports.” Things seem to have changed. Our Brand America 2025 report finds that, across 10 countries, being identified as an American brand is now correlated with a negative impact on trust and purchase intent. 

And the Ipsos Global Reputation Monitor shows “there are distinctive negative connotations linked to companies of American origin — with a specific focus on ethics, the environment and economic impact.” Our polling last fall found just over two in five (22% on average across 30 countries) said the business and trade relationship between their country and America was poor, followed by China (14%) and India (13%).

Lots of pain, little gain?

It’s not only people outside of America who’ve been questioning the wisdom of Trump’s tariffs. 
Ipsos in the U.S.’s Consumer Tracker earlier this year found almost three-quarters (74%) of Americans think tariffs will raise prices on goods they buy, while only 28% think tariffs on imported goods will lead to more jobs in the U.S.

“The low support for tariffs is likely due to a couple of factors. First, the downside is obvious because prices are higher. Half (48%) of Americans, including one in three in high-income households, say they don’t have any money left once they pay their monthly bills,” notes Matt Carmichael, Editor of Ipsos in the U.S.’s What the Future.

“So, when prices go up, people feel it acutely. But the upside benefits that have been pitched are much longer-term outcomes and most Americans don’t think they’ll ever happen. Not even half of Republicans (42%), and many fewer (17%) Democrats, think there will be more jobs created due to reshoring of manufacturing.”

From transitory to sticky

Well before “Liberation Day” then-U.S. Treasury Secretary Janet Yellen infamously said in May 2021 that inflation would be a “transitory thing” amid price pressures during the coronavirus crisis. She was very wrong. 

Americans, and many others across the world, have been grappling with sticky inflation for years now. 

Ipsos’ monthly What Worries the World monitor finds rising prices have moved from the fringes to centre stage this decade. At the start of the 2020s a mere 11%, on average across 28 countries, said it was a key concern for their country. Concern about the cost of living ultimately surged to a historic high of 43%, on average across 29 countries, in the wake of the full-scale invasion of Ukraine in February 2023.  

Worry had plateaued around the 30-percent-mark last April and sat at 33%, on average across 29 countries, last March shortly before Trump announced his global tariffs. This March, concern about the cost of living has dipped four percentage points (pp) slightly to 29%, on average across 30 countries, tying with unemployment and poverty/inequality, as the No. 2 issue in the world. 

Polling for the latest wave of Ipsos' What Worries the World monthly monitor was done February 20 - March 6, with some countries starting and finishing their fieldwork before the start of the Iran war on February 28. And all polling for the March 2026 report was done before global oil prices went above $100USD a barrel for the first time in four years on March 8, amid the biggest oil disruption in history.

But even before this latest shock pocketbook issues were continuing to gnaw at consumers, with inflation seen as the No. 1 worry in six of 30 countries, including Singapore (56%, -2 pp year-over-year), Türkiye (51%, -3 pp), Canada (49%, +1 pp), India (47%, +11 pp), Australia (43%, -1 pp) and the U.S. (38%, -5 pp).

“The fact that inflation concern remains top of mind tells us that the affordability crisis has morphed into a chronic condition with no clear endpoint. Back in 2020, inflation was a cyclical blip while today, it has become the defining backdrop of many households,” says Jack. 

While history doesn’t literally repeat itself it often echoes.

The last time oil soared above $100USD a barrel in March 2022, soon after the invasion of Ukraine, it fueled a painful cost-of-living crisis. With oil prices once again surging, this time weeks after the start of the Iran war on Feb. 28, the specter of more pain looms.

And recent history shows we could be headed to yet another prolonged spike in price worries across the world if the Iran war drags on.

Gloomy mood

Amid ongoing price pressures many were also already feeling pretty gloomy about their national economy when Trump announced his global tariffs.

Almost two-thirds (65% on average across 29 countries) said the current economic situation in their country was bad last February/March. A year later in the wake of “Liberation Day” negative economic sentiment fell slightly to 60%, on average across 30 countries.

And the mood across the G7 was already below pre-pandemic levels in all countries, except Italy where sentiment was quite low well before the coronavirus crisis, before Trump’s tariffs last spring.

While some countries have managed to make trade deals with the U.S. over the past 12 months most have also tried to also strengthen ties with other allies. 

Canadian Prime Minister Mark Carney has made inroads everywhere from Australia to the U.K. as tariff talks with Trump have been fraught. But the seeds of Carney’s efforts to strengthen ties with “middle powers” like Australia will take time to bear fruit. 

“On the surface it’s hard to see an obvious benefit in terms of cost of living in the short or medium term, but in the longer term improved trade helps our economic security in a time where global trade is in a state of flux,” says David Elliott, Deputy Managing Director of Public Affairs for Ipsos in Australia.

Canadians are similarly skeptical.

“Despite a lot of activity over the last year, including attempts by Prime Minister Carney to restart Canada’s economic engine, Canadians are still feeling worse off than they were just before the pandemic,” says Jack. 

“There’s a disconnect between the spreadsheets in Ottawa and balance sheets being discussed across the kitchen table. In short, Canadians are worn out.”

Already feeling burned

Consumers everywhere from Paris, Ontario, to Paris, France, appear quite worn out and worn down.

After a series of crises this decade so far the majority were already reporting persistent economic pain. 

The Ipsos Cost of Living Monitor found in early 2023 when global inflation was peaking three in five (61% on average across 29 countries) said they were just about getting by or finding it quite/very difficult to manage financially. By August/September 2025 that had barely budged with 59%, on average across 30 countries, saying they were financially struggling. 

Enter Iran

Now, the Iran war, nearing its sixth week has already shaken consumers around the world with Ipsos national polling showing people in America, Canada, France and the U.K. are quite worried about what may come.

Experts are already predicting even more inflation and maybe even a recession. 

“The sheer volume of geopolitical and economic shocks over the last year has forced Canadian consumers, and many others around the world, into a state of radical uncertainty and chronic concern,” says Jack. 

“The psychological impact is that consumers are intensely focused on predictability and stability. They are less enthusiastic about taking risks or making long-term financial commitments. The 'Trump Effect' has essentially accelerated our transition into the Endurance Economy, where the primary goal for the Canadian consumer is simply to weather the storm.”

Melissa Dunne is a senior data journalist with Ipsos and is based in Canada.