Consumers in New York City concerned over rising costs, possible recession from Trump tariffs
NEW YORK (WABC) -- The impending Trump tariffs took a toll on Wall Street again on Monday, with the Dow Jones Industrial Average and S&P 500 finishing in the red.
President Donald Trump continued to defend his tariffs, saying the United States has "been ripped off and taken advantage of for too long."
But while the president is standing firm on his global tariffs, Americans -- both in the Tri-State area and around the country -- are trying to figure out how they are going to pay their bills, and make ends meet.
NYC shoppers express concern over Trump tariffs and its potential impact on prices
From the luxury boutiques of SoHo, to the parking lot at Costco in Red Hook teeming with shoppers, anxiety is rising.
Eyewitness News reporter N.J Burkett spoke to shoppers, who say that the tariffs - and the threats of more - are not affecting prices yet, but they are worried.
Consumers flock to stores for electronics, appliances to stay ahead of price increases
On the Lower East Side, Eyewitness News reporter Lauren Glassberg spoke to one customer who went on a shipping spree at Home Depot, where items from appliances to AstroTurf could be impacted by tariffs.
At the AT&T store at 12th Street and Sixth Avenue, sales ticked up the past few days, with customers trying to stay ahead of prices. Nearly all iPhones sold in the U.S. are imported from China, and depending on China's next move the US tariffs on Chinese goods could surpass 100%.
And while American companies can manage their bottom line and opt for layoffs, if need be, American consumers may have a tougher time when faced with higher prices, and even job insecurity. That could lead to a real economic slowdown.
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