Consumers are scrambling to buy cheaper goods out of fear that prices will rise due to the Trump administration's tariff approach to the economy, The New York Times reported.

The Times interviewed three consumers buying Chinese-manufactured goods: Emily Moen, a pregnant coffee shop manager in Omaha, Nebraska, buying a car seat; Tom Barnard, a Texas marketing director helping his mother buy an iPhone; and Bree Chaudoin, an Illinois lending specialist stocking up on camping gear — all navigating the 145% tariff on Chinese imports imposed by the Trump administration this week.

"There's panic buying going on and panic selling by investors, too," Gene Munster, managing partner at Deepwater Asset Management, told The Times. "It's more turmoil than I've seen in 20 years following the company. The speed of it has been crazy."

So far, the tariffs have increased consumer spending among major retailers, ostensibly out of fear that prices will rise. Earnest Analytics, a company that tracks debit and credit card spending, reported that between April 2, when tariffs kicked in, and April 7, Apple saw a 20% bump in sales, Home Depot's sales rose 10%, and canned food purchases spiked as families rushed to buy essentials.

The Trump administration late Friday said it would exclude electronics like smartphones and laptops from reciprocal tariffs, a move that could help keep the prices down for popular consumer electronics that aren't usually made in the U.S.

U.S. Customs and Border Protection said items like smartphones, laptops, hard drives, flat-panel monitors, and some chips would qualify for the exemption. Machines used to make semiconductors are excluded too. That means they won't be subject to the current 145% tariffs levied on China or the 10% baseline tariffs elsewhere.

Information from The Associated Press was used in this report.

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