Why is there a sudden rush to shop in America?
There is a huge rush to shop in America these days. From furniture to appliances and liquor, people are being shopped heavily. people are scared of President Donald Trump's tariff policy and the fear of inflation has taken hold of them, so people are busy buying and storing things before the prices increase. Economists also believe that the tariff is expected to increase the prices of everyday items. There are some economists who are also expressing the fear of the US economy going into recession.
Shopping rush in America
It is the effect of Trump's tariff that the automobile sector saw a huge boom in March. Vehicle sales increased by 11.3 percent because as soon as trump announced a 25 percent tariff on foreign vehicles and auto parts, a crowd of people rushed to the dealerships. This tariff has come into effect from april 3.
Noel Peguero, 50, who lives in Queens, New York, said he spent about $3,500 last week on car parts, electronics and gardening items. He also bought a 40-inch Hisense television and a MacBook laptop for his son. Speaking to ABC News, he said, "He had been planning to buy these things for a long time, but he decided to buy them now so that the price does not increase suddenly in the future."
First Baseline, Now Reciprocal
Experts believe that while it is wise to buy some things, it is also important to avoid debt in the process of filling more stock. Let us tell you that America has imposed a baseline tariff of 10 percent on imports from all countries. Apart from this, America has also announced to impose reciprocal tariff on more than 60 of its trading partners, which is going to be implemented from april 9.
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