Research initiative ‘Trade Winds’  found that 75% of American participants say they expect new US tariffs to take effect soon, and 51% of Americans surveyed plan to cut their non-essential purchases.

The research also suggests that awareness of tariffs is leading to other changes in spending behaviour, with 39% of participants claiming they will start budgeting and 37% saying they will switch to more affordable brands.

The initiative from sister companies Reach3 Insights and Rival uses the latter’s mobile conversational research platform within an ongoing, nationally representative insight community.

The initial wave found that 83% of Americans believe that they understand what tariffs are, and three in four are concerned about how these changes will impact them financially.

Additionally, more than half of participants expressed low optimism about their future, and 40% felt the same about their personal finances.

Matt Kleinschmit, chief executive, Reach3 Insights, said: “Brands that strike the right balance of empathy and value have an opportunity to both gain market share from competitors while also developing deeper loyalty with consumers facing an uncertain economic future.”