With President-elect Donald Trump pledging steep tariffs on imports from Mexico, Canada, and China, prices on many consumer goods may rise sharply. Experts suggest now might be a good time to purchase items likely to be affected, particularly electronics, appliances, and toys.
Trump’s proposed tariffs include a 25% blanket tariff on imports from Mexico and Canada and up to a 60% tariff on Chinese goods. If implemented, these could significantly impact the costs of commonly imported items, including:
- Smartphones and Electronics: Prices could increase by 26% for smartphones and as much as 45% for laptops and tablets.
- Household Appliances: Items like toasters and vacuums could see price hikes of nearly 20%.
- Gaming Consoles and Accessories: Expect potential price jumps of up to 40%.
- Shoes and Toys: Costs for shoes and toys might rise by 18% and 36%, respectively.
Retailers warn that stockpiling could strain supply chains and raise prices further. Consumers are encouraged to consider their needs now to potentially avoid steeper costs later.
Though the exact details and duration of the tariffs remain uncertain, planning ahead could save money in the long run.
