What to Buy Ahead of the Potential Trump Tariffs

Veuer

President-elect Donald Trump has promised high tariffs on many imported goods. Here’s a rundown on products you might want to buy before the tariffs take effect. Veuer’s Matt Hoffman reports.

Transcript

00:00One of the key policy planks in Donald Trump's platform was tariffs, or taxes on imported goods.

00:06According to CNN, Trump has said that he'll impose 25% tariffs on products from Canada and Mexico,

00:11and an additional 10% on products from China.

00:14In the past, he's suggested tariffs as high as 60% on Chinese goods.

00:19It remains to be seen what he'll actually implement.

00:22But despite Trump's assurance to the contrary,

00:24tariffs are likely to raise prices for American consumers.

00:27So if you're looking to stock up before Inauguration Day, what should you focus on?

00:31Your number one priority should be electronics.

00:34Author and financial influencer Vivian Tu tells HuffPost they are already a high-ticket item,

00:39and many consumer electronics are manufactured in China or use components sourced there.

00:43Indeed, CNN says that very few smartphones are manufactured in America,

00:47and that according to a Consumer Technology Association report,

00:50China accounts for 78% of smartphone imports to the U.S. and 87% of video game console imports.

00:58Appliances are another category that could be hit hard.

01:01HuffPost says that researchers at the University of Chicago and a Federal Reserve board governor

01:05found that Trump's 2018 tariffs raised prices on washing machines by 12%.

01:10And if you've been thinking about buying a new car, you might want to do so sooner rather than later.

01:15According to Bloomberg, analysts at Wolf Research predict that Trump's tariffs

01:19could raise new car prices by an average of $3,000.

Category

Transcript

Recommended