Reference no: EM133841686

Assignment:

With the new administration threatening to impose tariffs on multiple countries from which many Americans rely on imports, I've noticed consumers stockpiling or "panic buying" things they feel will be marked up significantly in January-specifically clothing and beauty products from China. Trump has said he intends to implement 60% tariffs on Chinese imports and 10-20% tariffs on products from other countries. His basis is that the measures can create more factory jobs, shrink the federal deficit, and lower prices for American-made goods by making foreign goods more expensive. (Fechner, 2024) During Trump's previous term, the tariffs resulted in higher prices for consumers in the US on goods from China.

Since returning to the US from China, I have struggled with shopping in general. While living there for five years, I became accustomed to the low cost of things. However, I often experience sticker shock here because I know how much the same item would be there. The tariffs won't significantly impact me because I'm in my anti-consumerism era. I don't plan to buy any new clothes or shoes. If I desperately need to purchase those things, I will buy them second-hand or from a local small business. If there are huge markups on avocados because of tariffs in Mexico, I'll skip the guac.

In your replies using the write up, give a short description of one data-collection tool that could be used to evaluate the actual impact the current event is having on consumer behavior or preferences. Indicate whether the tool reflects quantitative or qualitative data.