Politics
The 5 things you should consider buying before Donald Trump’s new tariffs take effect
The incoming president’s main economic plan is set to make the cost of plenty of household items just that bit more expensive.
As Donald Trump has massively hinted, tariffs on foreign nation imports will be coming in 2025.
These tariffs are taxes imposed on all imported goods. When a country implements tariffs, it increases the cost of bringing foreign products into the domestic market. This added cost will be passed on to consumers in the form of higher prices.
Trump railed against U.S. neighbours in his latest outburst.
“On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders,” Trump posted on his Truth Social platform.
“This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!”
It’s not just a completed product that is affected: goods used in manufacturing such as steel and lumber will also cost more when imported.
Trump's list of planned tariffs
- 10% tariff on all imports from countries other than China
- 60% tariff on all imports from China specifically
- 100% tariff on foreign-made electric vehicles, particularly targeting Chinese EVs
- 25% tariff on imports from Canada and Mexico, which Trump claims is aimed at stopping drug trafficking and illegal immigration
- A potential 200% tariff on exports from companies like John Deere that move production to Mexico
Contrary to what some may believe, it is not the target country that pays the tariff, it is the US company importing the goods.
As such, savvy consumers might want to consider stocking up on certain items before prices potentially rise. With Black Friday underway right now, and Cyber Monday around the corner (does the distinction even exist anymore?), this weekend could be prime time to buy before prices inevitably rise in six months time:
- Electronics: Smartphones, laptops, and other gadgets often rely on imported components. A tariff could significantly increase their prices.
- Appliances: Large household items like refrigerators and washing machines may become more expensive if tariffs are imposed on imported steel and aluminum.
- Clothing and shoes: Many apparel items are manufactured overseas. Tariffs could lead to higher prices for your favorite brands.
- Cars: If you're in the market for a new car, buying before potential tariffs could save you money, especially on imported vehicles or those with many foreign parts.
- Solar panels: These have been subject to tariffs before, and new ones could make home solar installations more costly.
When will the tariffs come into force?
While the details of the tariffs have yet to be revealed, the threat of price rises is very real. As with the previous message from Truth Social, they could come into effect as soon as his first day in office, January 20.
For a nation still reeling after the highest inflation and interest rates in two decades, they are an economic disaster waiting to happen.
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