Americans may want to consider buying certain goods before President-elect Donald Trump takes office, Buzzfeed reports.
Trump previously pledged to impose a 25 percent tariff on all goods from Mexico and Canada and an additional 10 percent tariff on Chinese goods on the first day of his presidency.
The president-elect said the move will bring jobs back to American manufacturers. However, many economists believe Trump's tariffs will make inflation worse, increasing costs for businesses and consumers.
The move could cause prices of apparel, toys, furniture, household appliances, footwear, and more to spike significantly, according to experts.
On the top of many pre-tariff, "buy now" lists are electronic items like smartphones, laptops, tablets, smartwatches, video game consoles, and e-readers. Many consumer electronics are manufactured in China, so tariffs may heighten production costs and import costs, which will likely be passed on to the consumer.
Some experts predict prices for laptops and tablets could rise by 46 percent, video game consoles by 40 percent, and smartphones by 26 percent.
Refrigerators and washing machines are also expected to see price increases due to higher costs for imported materials like steel and aluminum. More, Americans may need to consider buying tools and other home improvement items as companies like Black & Decker and Walmart have suggested that they will be increasing their prices due to the tariffs.
Ikea is another company that has already announced that tariffs will spike prices, making furniture more expensive for consumers. If you are thinking about buying a new car, you may want to consider purchasing before Trump takes office as many U.S. and European automakers rely on Mexico, Canada, and China for production and parts.
Imported food and liquor prices could also be affected by tariffs.
“For groceries, the effect will depend on whether key agricultural imports are targeted,” food economist David Ortega said in a statement. “If tariffs are placed on fresh produce from Mexico, we might see higher prices for staples like tomatoes, avocados, and peppers, since Mexico supplies a large portion of these goods, especially during the off-season in the U.S.”
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