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5 Things You Must Buy Before Trump’s New Tariffs Hit On August 1
Before Donald Trump’s tariffs take effect next month, you must purchase these five things right away.
Tariffs have been the main focus of Trump’s second term as US president; worldwide sweeps reported in April saw price increases and stock market declines.
Sweeping tariffs were imposed on what Trump called “Liberation Day” for the US, but stock market volatility has resulted from implementation delays.
Following this, trade agreements were reached with countries like the UK, but one thing is certain: the tariffs that will be implemented next month will result in price increases for a lot of goods.
Forbes examined five particular products that, if you’re interested in them, you should definitely purchase right away because their prices will skyrocket in a few weeks.
Tech
Yes, it’s generally advisable to take action right away if you’re in the market for a new printer, laptop, TV, or iPhone.
Forbes points out that there is a lot of ambiguity around whether tariffs would result in price increases for such technology, therefore it is advisable that you make that significant purchase as soon as possible to allay any concerns.
Furniture
What effects would tariffs have on items like dining tables and couches?
According to the Alliance for American Manufacturing, almost 75% of all furniture sold in the US is made abroad.
Therefore, you will probably pay more for all kinds of furniture, from coffee tables to business desks, unless the US furniture industry improves.
Textiles
Many textiles, including one that many of us would acknowledge we have too much of, are produced elsewhere.
Naturally, I’m referring to shoes, whose costs are expected to increase upon the imposition of tariffs.
According to Forbes, Trump’s tariffs may also affect products like bath towels, crossbody purses, and men’s shorts.
Food
Food is arguably the most significant item on this list, and tariffs are expected to raise the cost of a large portion of it.
In 2023, for instance, the United States spent more than $45 billion on food and agricultural products from Mexico; over two-thirds of all imported vegetables and slightly less than half of all fruits and nuts were delivered from the southern neighbour.
Prices appear to be imposed on consumers as a result of the recently implemented tariffs.
Home appliances
A 50% tariff on several steel products, including dishwashers, refrigerators, and washing machines, has already raised the cost of home appliances.
However, they might increase even more if new policies are implemented next month.
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