While over 50% of Americans are "comfortable and prepared to support" the majority of President-elect Donald Trump's policies, few are supportive of his anticipated tariff policies.
Just 27% of Americans back a raise in tariffs as Mr. Trump has suggested, according to a Dec. 15 CNBC report based on a survey of approximately 1,000 Americans nationwide.
An additional 24% of Americans said tariffs can be raised eventually, but not as a top priority, while 42% oppose raising them outright.
On Nov. 4, Mr. Trump suggested raising tariffs by at least 25%, a figure that could rise to 100%, on goods made in Mexico. He has also suggested that anything made abroad may be hit with a 60% tariff.
If Mr. Trump makes good on his tariff promises, virtually everything made abroad could be more expensive for Americans. He has claimed that by imposing tariffs, companies will be more likely to bring manufacturing back to the U.S.
During Mr. Trump's first presidency, his administration imposed tariffs that left 60% of U.S.-China trade subject to 20% tariffs. While researchers have said it may take years to fully assess the effects of these policies, a preliminary analysis determined that these tariffs did not lower the cost of consumer goods, did not bring manufacturing jobs back to the U.S. and hurt sectors targeted by retaliatory tariffs.
In addition, physicians have warned that they expect tariffs to raise medical supply costs and create even more inefficiencies in the supply chain.
"Microeconomics shows that before a tariff is in place, consumer consumption increases due to the lower cost of goods. Our corporation has been purchasing additional electronics and furniture (consumer surplus) in anticipation of future tariffs," Robert Tatsumi, MD, president of Oregon Spine Care in Tualatin, told Becker's. "Tariffs create inefficiencies in the market and lead to higher supply costs regardless of where the product is manufactured (deadweight loss)."