As new tariffs introduced by President Donald Trump begin to take effect, Americans are rushing to stores in a bid to make major purchases before prices climb. From electronics to car parts, and even household goods like toothpaste and soap, shoppers are racing to buy now—fearing sticker shock in the coming weeks
What the Tariffs Mean for Prices
The recent tariffs—25% on imported vehicles and 10% across nearly all trading partners, with even steeper “reciprocal” tariffs set for April 9—are expected to raise the cost of everyday goods. Some consumers, fearing price hikes and potential shortages, are engaging in what some are calling “tariff panic buying.”
Auto sales alone jumped 11.2% in March, as many rushed to purchase imported vehicles before the tariffs kicked in on April 3.
Experts Advise Financial Caution
Despite these consumer reactions, financial experts warn against dipping into savings or taking on new debt just to get ahead of the tariffs.
“Don’t let fear drive your spending,” Ted Rossman, senior industry analyst at Bankrate, told ABC News.
“If you’re already dealing with high credit card balances or limited savings, now might not be the time to buy big-ticket items.”
Rossman urges consumers to think long term: “It might be smarter to hold off on a new car or appliance and make do with what you have for a little while longer.”
Memories of Pandemic Shortages Fuel Concer
The idea of empty shelves—something Americans vividly remember from the COVID-19 pandemic—has only intensified the rush. Billionaire investor Mark Cuban fueled the fire this week by posting on BlueSky, encouraging people to “buy lots of consumables” now before prices increase across the board.
“Even if it’s made in the USA,” Cuban wrote, “they will jack up the price and blame it on tariffs.”
Will There Be Shortages? Experts Say Unlikely
Still, experts say that supply chains today are far more stable than they were during the pandemic.
“Of course, if everyone heeded [Cuban’s] advice, there probably would be some issues, but we’re not seeing evidence this is happening at scale,” Rossman explained. “Thankfully the supply chain is in much better shape than it was during the pandemic.”
Household Debt Already High
With the average American household carrying around $6,600 in credit card debt, according to TransUnion, experts say it’s essential to stay grounded and realistic about purchases.
“I realize sometimes people need to carry debt for various reasons,” Rossman said. “But don’t make it worse by panic buying. Rushing to make a big purchase often doesn’t end well.”
The Bottom Line
While buying now to avoid price hikes may seem like a smart move, financial advisors stress that it’s not worth sacrificing your financial health. In the face of economic uncertainty, a measured and thoughtful approach will likely serve consumers far better than impulse purchases driven by fear.
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