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Key Takeaways:
In the past month, 3.9 million searches for "tariff" occurred, a 341% increase indicating heightened concern or curiosity about the topic.
Nearly 1 in 2 consumers (48%) have already noticed price increases due to tariffs in the past month.
49% of consumers are stockpiling goods to avoid future price hikes, with food (33%) and household essentials (29%) being the most commonly hoarded items.
27% of business owners report increased business costs due to tariffs, with 45% citing higher costs of goods as their biggest challenge.
Nearly 1 in 5 (18%) have increased prices for customers, and more than 1 in 10 (12%) have delayed growth plans.
Tariff Anxiety Across the U.S.
Google searches for "tariff" hit 3.9 million last month, a 341% increase, signaling growing concern and curiosity.
Searches for "tariff impact" skyrocketed by 1,004%.
Based on searches per capita, Atlanta residents have the most tariff anxiety, followed by those in Minneapolis and Seattle.
Rising interest in country-specific tariff searches in the past month:
"China tariff": up 666% (135K searches)
"Mexico tariff": up 1,084% (107K searches)
"Canada tariff": up 1,134% (525K searches)
The Consumer Response to Tariffs
Nearly 1 in 2 consumers (48%) noticed price increases due to tariffs in the past month.
48% are extremely concerned about future price increases due to tariffs, while 25% are moderately concerned.
80% of consumers noticed price increases in groceries, far surpassing other categories like gas (34%) and apparel (23%).
70% have cut spending on non-essentials, 39% have picked up a side hustle, and 32% are delaying saving or investing to cope with higher prices.
49% of consumers are stockpiling goods to avoid future price hikes, with food (33%) and household essentials (29%) being the most commonly hoarded items.
Small Business Survival Strategies
27% of business owners report increased business costs due to tariffs, with 45% citing higher costs of goods as their biggest challenge.
Nearly 1 in 5 (18%) have increased prices for customers, and more than 1 in 10 (12%) have had to delay growth plans.
31% of business owners are less confident in their financial future this year compared to last year.
7% have already lost customers due to price hikes, and 37% are worried about future losses as a result of rising costs.
Methodology
On Feb. 20, 2025, we surveyed 668 consumers and 332 business owners to assess how tariffs impact spending, pricing, and business strategies. Additionally, we analyzed Google Trends overall US search volume data pulled on Feb. 24, 2025. We focused on city-level searches from Nov. 2024 to Jan. 2025 to identify areas with the highest tariff-related concerns. The keywords analyzed included "Canada tariff," "China tariff," "Mexico tariff," "Tariff," and "Tariff impact."
About Clarify Capital
Clarify Capital helps business owners secure the financing they need to thrive in today's competitive marketplace, including no-doc business loans and fast business loans. Our tailored financial solutions support entrepreneurial dreams, turning visions into reality.
Fair Use Statement
Feel free to share these findings about the effects of tariffs on consumers and businesses for noncommercial purposes, but please provide a link back to this page.
Emma Parker
Senior Funding Manager
Emma holds a B.S. in finance from NYU and has been working in the business financing industry for over a decade. She is passionate about helping small business owners grow by finding the right funding option that makes sense for them. More about the Clarify team →
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