Chinatown businesses in hoarding war as Trump’s tariffs remain in effect

Chinese American businesses in major cities have found themselves locked in a stockpiling frenzy as President Donald Trump’s tariffs on Chinese imports — which jumped from 34% to 145% in just weeks — threaten their survival.

In New York City’s Chinatown, prices for imported goods have skyrocketed in a matter of days. Rice crackers, for one, reportedly jumped from $4.99 to $6.99 after just one weekend.

Trump’s sweeping tariffs have triggered panic buying since early April, with businesses competing to secure inventory before further anticipated price hikes. “Everyone is hoarding,” Andy Wang, who owns Taiwan Pork Chop House, told the Financial Times.

Wang has filled his restaurant basement with supplies ranging from rice wine to plastic containers. But with wholesalers setting rationing measures, he was limited to purchasing just one box of microwave bowls despite ordering six.

One worker at Heng Xing Grocery described the severity of the situation for businesses and consumers alike. “We’re stocking up like our lives depend on it, and people are buying it like their lives depend on it,” they told The City.

The store’s shelves have reportedly been packed with medicinal plants and dried seafood imported from China that have no domestic alternatives. Other businesses, however, lack the capital and storage space for substantial stockpiling.

For some, stocks have simply run out as customers stockpiled in panic. “There’s nothing left to sell,” Mei Zhu, whose own grocery store sold out non-imported salt, told Reuters.

Trump’s record tariffs are only part of his broader economic agenda, which currently faces significant public skepticism. According to a new NBC poll, only 39% of Americans approve of his handling of trade and tariffs. Meanwhile, 61% disapprove, making it his lowest-rated policy area.

The impacts extend beyond economics to cultural preservation, particularly in Chinatown businesses in cities like New York and San Francisco. These neighborhoods serve as vital hubs for Chinese American communities, with specialized goods that have few or no domestic alternatives. As a result, small business owners are caught in a diplomatic standoff with very personal consequences that could alter their historic cultural districts.