Five Items to Buy Now Before Trump’s New Tariffs Take Effect
Tariffs Set to Raise Prices Next Month
Donald Trump’s tariffs are coming into effect next month. Since his second term began, tariffs have dominated trade policy. The sweeping tariffs announced in April caused prices to rise and shook the stock market. Although some trade deals with countries like the UK followed, the upcoming tariffs will still drive many prices higher.
Forbes has identified five key items you should buy now to avoid paying more later.
1. Tech Gadgets
If you plan to buy a new iPhone, laptop, TV, or printer, act quickly. While Forbes notes some uncertainty over how much tariffs will impact tech prices, it’s safer to make purchases now before any potential hikes.
2. Furniture
About 75% of furniture sold in the US comes from overseas, according to the Alliance for American Manufacturing. This means sofas, dining tables, office desks, and coffee tables will likely become more expensive. Unless US furniture manufacturing ramps up quickly, it’s best to buy now.
3. Textiles and Apparel
Many textiles come from abroad, including shoes, which are expected to see price increases. Forbes also warns that men’s shorts, crossbody bags, and bath towels could get pricier due to the tariffs.
4. Food Products
Food prices may rise sharply with the new tariffs. The US imported over $45 billion in food and farming products from Mexico in 2023. Nearly two-thirds of imported vegetables and almost half of fruits and nuts come from Mexico. With tariffs in place, consumers will likely feel the pinch.
5. Home Appliances
Home appliances already face higher prices after a 50% tariff on certain steel products like washing machines, refrigerators, and dishwashers. New tariffs set to start next month could push prices even higher.
Prepare Now to Avoid Price Surges
The upcoming tariffs threaten to raise costs across many categories. To beat the price hikes, consider purchasing these items now while prices remain stable.
