Most think tariffs will increase prices, but aren’t doing anything about it

The Ipsos Consumer Tracker asks Americans questions about culture, the economy and the forces that shape our lives. Here's one thing we learned this week.

Why we asked: Regardless of what people know about tariffs, they still have opinions. 

What we found: Overall, two thirds of Americans think tariffs will lead to higher prices on food, electronics and more. But that masks a huge party split. 86% of Democrats believe that compared to just 46% of Republicans. Democrats therefore are twice as likely to say they are stocking up on items that they think will cost more (39% to 19%). Conversely, Republicans were three times as likely (45% to 17%) to say tariffs will lead to more jobs in America. Trump’s threats of steep tariffs on Canada were enough to get Prime Minister Trudeau to hop a flight to Mar-a-Lago to dine with the President-elect, reportedly telling him that the tariffs would wreck the Canadian economy. Trump’s party doesn’t necessarily agree either. Half of Republicans would support tariffs on rivals like China, but not on allies like Canada.

More insights from this wave of the Ipsos Consumer Tracker:

The holidays are making us happy, joyful and stressed 

Most people don’t know how tariffs work (and some even admit that)

Our outlook keeps improving

Here’s what we resolve for 2025

37 questions for 2025 and beyond