'Everything will go through the roof': Americans stock up in preparation for Trump tariffs
As President-elect Donald Trump prepares to take the oath of office in just over a week, many Americans are attempting to minimize their own financial burden by purchasing foreign-made goods before his proposed tariffs go into effect.
The Guardian reported that U.S. residents who have been planning to buy goods that could be subjected to the tariffs have been acting preemptively to buy what they need before prices surge. The collectively worry among consumers isn't unwarranted, since large retailers like Walmart have already warned that any new tariff duties would be passed along to customers. This has led to Americans planning on making large purchases in the future to quickly revise their timelines.
"My partner is laying in supplies and materials for a new roof we had planned for the spring," West Virginia resident Jen Thomas told the outlet. "While the rush of a second Trump presidency is still exciting for many West Virginians, my partner and I are neither excited nor optimistic about the next four years."
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The president-elect has proposed a 25% tariff on imports from Canada and Mexico, and a 10% tariff on all goods imported from China. CBS News reported in November that this could lead to steep price hikes on consumer electronics like smartphones, video game consoles and laptop computers, with smartphones potentially costing up to $213 more per device. Appliances could also come at a higher cost if the tariffs are imposed, with the National Retail Federation predicting Americans will spend anywhere from $6.4 billion to $10.9 billion more on appliances under the proposed new import duties.
"We are purchasing a new washer and dryer... which we have put off due to medical bills," La Crosse, Wisconsin resident Liza Gilbert said. "It will be even harder to afford in January."
The United States imports a significant amount of produce from Mexico, meaning grocery prices could also increase under Trump's tariff program. Virginia resident Carol Lee Wood told the Guardian that she has been buying several grocery staples in bulk like rice, beans, powdered milk and freeze-dried produce.
"Everything will go through the roof when [Trump] takes office," Wood said. "I wish I could stockpile gasoline and avocados!"
READ MORE: '$213 per device': Prices for these products are expected to soar under Trump tariffs
Aside from consumers, American businesses are also cautioning Trump to not jack up tariffs on foreign imports. Timothy Boyle, who is the CEO of apparel company Columbia Sportswear, said in December that if the motivation behind Trump's signature policy proposal is to motivate companies to move production back to the United States, it would be a failure. He instead warned that it would further squeeze Americans already frustrated about high prices.
"So to be moving products and production back here in the U.S., is not going to happen," Boyle said. "Today, consumers are paying the tariffs. and when they buy products that are made offshore, they're they're paying significant tariffs, which are included in the products... The costs are going to be passed on to the consumer just the way they are today."
Click here to read the Guardian's article in its entirety.
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