AMERICANS are racing to make purchases before a tariffs war between the United States and its major trade partners across the world drive up prices, while some of the wealthiest people in the country publicly condemned the policy as potentially catastrophic for the economy. In recent weeks, consumers have rushed to increase their purchases of everything from clothing and electronics to cars and furniture, fearing that the costs of goods will jump sharply once tariffs fully take hold. “Definitely more people coming into store look to buy TVs and electronics to beat the tariff increase,” San Francisco Bay Area-based Best Buy’s sales consultant Van said Tuesday. Panic buying The panic buying has flooded online stores and big-box retailers, including Shein, Ssense, Amazon, Costco, and Walmart, according to The Cut and Facebook News 8 posts. Some online shoppers reported overnight price hikes of US$5 to US$15 on items in their carts, citing anticipation of the tariffs. “I just bought a TV now instead of waiting,” one user wrote on Reddit. “Prices are already rising on Amazon.” Another thread on the /r/carbuying subreddit discussed buyers hurrying to secure vehicles before tariffs increase sticker prices. The reckless tariffs targeted a wide range of goods, from electronics to vehicles. Critics said it will squeeze consumers by raising costs on everyday items. For some families, the shift is already painful. A mother in Texas told NPR she used her summer savings to buy back-to-school gear early. “We can’t afford to wait and pay more,” she said. “But now we don’t have money set aside for fall clothes.” The “tariff-induced shopping spree” span everything from electronics and appliances to clothing and cars, according to ABC News. Auto sales surged 11.2% in March as buyers rushed to beat the 25% tariffs on imported vehicles that took effect April 3. Time to buy “Now is the time to buy,” Noel Peguero, a 50-year-old school worker from Queens, New York, told ABC News after spending about US$3,500 on car parts, electronics, and gardening supplies ahead of potential price increases. Consumers are actively sharing strategies about what to purchase on social media platforms before prices skyrocket. Reddit users who recently bought homes considered upgrading appliances early, while others on Facebook contemplated purchasing electronics like MacBook laptops before potential price hikes. Billionaire Mark Cuban added to consumer concerns by advising people on social media to “buy lots of consumables” before prices increase, recommending “from toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory.” CBS News reported that the tariffs introduced by the U.S. Government are actually paid by U.S. importers, who typically pass costs on to consumers. Financial experts warned the tariffs represented “the largest tax hike since 1982” and amounted to “an average tax increase of more than US$1,900 per U.S. household in 2025,” according to the Tax Foundation. Electronics could see some of the steepest price increases. The Consumer Technology Association estimated that laptop and tablet prices could rise by up to 45%, while smartphones may increase by an average of US$213, representing a 26% jump. Clothing prices are expected to increase by up to 20%, while footwear costs could rise between 20% and 30% due to reliance on international manufacturing. According to an analysis cited by lifestyle blog Cha Ching Queen, toys could see among the most dramatic price hikes, potentially rising 36% to 56%. Tariff policy denounced Meanwhile, several billionaires who were republican supporters during last year’s presidential election have broken ranks to criticize the tariff policy. Bill Ackman delivered perhaps the most stark warning Monday, calling the tariffs tantamount to launching an “economic nuclear war” that would severely damage America’s reputation with trading partners. Even Elon Musk, who has been heading the Department of Government Efficiency, called for “a zero-tariff situation” between the U.S. and Europe during an Italian political event. Musk also criticized Whitehouse trade adviser Peter Navarro, suggesting his Harvard economics PhD is “a bad thing, not a good thing,” on X, his social media platform. Home Depot co-founder Ken Langone, a GOP megadonor and billionaire, also blasted the tariffs, calling the 46% import duties on Vietnam “bullshit” and describing the tariff rate on China as “too aggressive, too soon,” on CNBC. “The cost of materials for the project I quoted to a client must now cost a lot higher due to the tariff,” home remodeling contractor Jose told reporters outside the Home Depot store in San Jose, California. (Xinhua) | 