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The US relies heavily on imports due to the high consumption rate of US consumers. Many...

The US relies heavily on imports due to the high consumption rate of US consumers. Many of the consumers goods imported come from low wage countries.  Based on political policy and Covid19 it is predicted that less low cost goods will be imported to US consumers

Do you think consumers will be willing to pay more for domestically produced goods or just choose to consume less?

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Answer #1

Consumers choose to consume less, because they have lost jobs and their purchasing power has decreased in the wake of COVID-19 pandemic. It has made whole economy to suffer, facing slowdown. As a result, people have a very pessimistic views of the economic conditions in the USA. It has made them spend less and save more as more worst time may be about to come as per their expectations. So, they have decreased the consumption level and it has caused imports to be reduced in the US economy.

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