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Fortune

Stuart Dyos

UBS chief economist says Democrats in particular are panic-buying right now because they are ‘fearful’ about Trump’s tariffs spiking prices

Ice UBS Paul Donovan United States Donald Trump Inflation Joanne Hsu the University of Michigan

President Donald Trump signs executive orders regarding tariffs in the Oval Office. (Credit: Anna Moneymaker—Getty Images)

UBS chief economist Paul Donovan said Democrats are buying now to beat the tariff increases. A separate survey released by the University of Michigan found inflation expectations have jumped significantly as tariff fears loom.

Americans, and especially Democrats, are “front-loading” their spending as tariff trepidation spurs purchases to get ahead of expected price hikes, according to UBS chief economist Paul Donovan.

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