It’s Not March 2020, but It’s Starting to Feel Like It: Americans Stockpiling Goods Amidst Fear of Tariffs
For some, the fear of tariffs has brought back memories of the 2020 pandemic, with people seeking to stockpile essential goods in preparation for a potential economic shift. Herschel Wilson, a father of three in Tacoma, Washington, is one such individual. He started stockpiling goods, including canned food, bottled water, and toilet paper, after Donald Trump’s presidential nomination, with the cost so far totaling $300. His plan is to continue spending $100 extra each month on top of regular grocery expenses.
Gaylon Alcaraz, a resident of Chicago, is another example. She’s been stockpiling goods, including toilet paper, Lysol wipes, and cleaning supplies, with her mom, whom she helps support financially. Alcaraz, who has over $200,000 in student loan debt, is concerned about the potential for higher prices due to tariffs.
Large companies are also taking steps to prepare. Stanley Black & Decker, the manufacturer of DeWalt products, is investing in inventory levels to limit potential price increases. Other companies are building up their safety stocks to blunt any immediate tariff increases. Manufacturers, particularly in the consumer goods sector, have increased their inventories to help prepare for potential tariff hikes.
While some experts, such as Scott Lincicome, a vice president at the Cato Institute, caution that stockpiling may not be a necessary or effective strategy, others like John Piatek, a supply chain consulting firm executive, argue that it’s a necessary step to take. As the world waits with bated breath to see what tariffs President-elect Trump will follow through on, the question remains: will individual consumers be prepared for the potential economic shift?