Overall, nearly three-in-four Americans (73%) can correctly define what a tariff is at a high level. Gen Z (56%) are less likely than older generations (70-84%) to be able to correctly define a tariff.

Three-in-ten Americans (29%) regard themselves as extremely or very knowledgeable on the topic of tariffs, and nearly half (48%) regard themselves as somewhat knowledgeable.

Nearly half of Americans (47%) think that the recently announced tariffs are moving the American economy in the wrong direction, compared to one-third of Americans (35%) who believe that they are moving the economy in the right direction. Overall, sentiment is partisan, with the majority of Republicans (67%) thinking tariffs are moving the economy in the right direction and the majority of Democrats (77%) thinking tariffs are moving the economy in the wrong direction.

Half of Americans (49%) believe that businesses and consumers will be equally impacted by tariffs, while three-in-ten (29%) believe that consumers will be more impacted. Only one-in-ten (13%) believe that businesses will be more impacted. There are differences in anticipated relative impact by party, with Democrats more likely to believe consumers will be most affected (35%) or equally as affected as businesses (52%) compared to Republicans (24% and 47%, respectively), who are more likely to believe businesses will be more affected (18%).

Americans have already bought or expect to move up buying a large purchase due to tariffs, including electronics (10%) and automobile/auto parts (8%) purchases. Although around one-fourth of Americans don’t expect to change their large purchase plans due to tariffs (23%-38%), between 17% to 29% of Americans expect to delay a large purchase due to tariffs, most notably electronics (29%). Other Americans expect to avoid some large purchases all together due to tariffs, with 15% to 21% anticipating avoiding certain large purchases, including electronics (21%), automobile/auto parts (21%), and furniture (20%).

Over three-in-four Americans (78%) believe that tariffs will increase the price of their basic living essentials, such as groceries and rent, over the next six to twelve months.

“Coming off of an election cycle where swing votes were driven by anticipated wallet impact, it is an important indicator that, currently, the majority of Americans believe that tariffs will increase their basic cost of living expenses. From a business perspective, this uncertain environment can trigger unexpected consumer behavior both in the short and long term, with consumers trying to beat tariff pricing for certain items and navigating anticipated higher cost of living expenses.” – Shelby Johnson, Senior Research Director, Povaddo

Nearly seven-in-ten Americans (68%) believe that the U.S. federal government is most responsible for minimizing any potential negative effects of tariffs on U.S. consumers. This belief is more prominent among Democrats (80%). Although the majority of Republicans (57%) believe that the U.S. government is most responsible for minimizing  any negative effects, nearly one-in-five (18%) believe that foreign governments are most responsible.

More than one-in-ten Americans (15%) believe that U.S. businesses are most responsible for minimizing any potential negative effects of tariffs on U.S. consumers. Notably, one-in-five Independents (20%) believe that U.S. businesses are most responsible.

This belief, coupled with the prominent beliefs that businesses will pass on all additional costs from tariffs to consumers and anticipated financial impacts to consumers, highlights the opportunity for companies to provide transparent communications to show how they are sharing tariff costs with consumers that would otherwise be passed on to them.