How a bought we just wait and see morans
If your refrigerator is on the fritz, or your iPhone is starting to do the thing where it doesn't hold a charge, this holiday season might be the time to trade up — before the sweeping tariffs proposed by President-elect Donald Trump could go into effect next year.
On the campaign trail, Trump promised to implement a 60 percent blanket tariff on Chinese goods, and a 10 to 20 percent tariff on imports from all other trading partners. He also warned that he'd be willing to put a 25 percent tariff on Mexican goods if the country doesn't cooperate with his immigration plans.
The president-elect has claimed that the massive trade escalation wouldn't impact consumer prices and would tax other countries while boosting American manufacturing. Most economists, including Republicans, disagree and say tariffs tend to get passed on in the form of higher prices for consumers.
"Shoppers eyeing big-ticket items this Black Friday should consider moving quickly, especially with potential tariffs looming that could potentially raise prices," Chip Lupo, a writer and analyst at WalletHub, told Newsweek. "Electronics, appliances, cars, and furniture are particularly vulnerable to price increases because of their reliance on imported parts and materials."
This past year, the U.S. imported $4 trillion in goods and services, according to the U.S. Census Bureau. Of that total, $433 billion came from China. If Trump's proposed tariffs go into effect, the National Retail Federation (NRF) estimates that American consumers could lose between $46 billion and $78 billion in spending power each year.
www.newsweek.com
If your refrigerator is on the fritz, or your iPhone is starting to do the thing where it doesn't hold a charge, this holiday season might be the time to trade up — before the sweeping tariffs proposed by President-elect Donald Trump could go into effect next year.
On the campaign trail, Trump promised to implement a 60 percent blanket tariff on Chinese goods, and a 10 to 20 percent tariff on imports from all other trading partners. He also warned that he'd be willing to put a 25 percent tariff on Mexican goods if the country doesn't cooperate with his immigration plans.
The president-elect has claimed that the massive trade escalation wouldn't impact consumer prices and would tax other countries while boosting American manufacturing. Most economists, including Republicans, disagree and say tariffs tend to get passed on in the form of higher prices for consumers.
"Shoppers eyeing big-ticket items this Black Friday should consider moving quickly, especially with potential tariffs looming that could potentially raise prices," Chip Lupo, a writer and analyst at WalletHub, told Newsweek. "Electronics, appliances, cars, and furniture are particularly vulnerable to price increases because of their reliance on imported parts and materials."
This past year, the U.S. imported $4 trillion in goods and services, according to the U.S. Census Bureau. Of that total, $433 billion came from China. If Trump's proposed tariffs go into effect, the National Retail Federation (NRF) estimates that American consumers could lose between $46 billion and $78 billion in spending power each year.
The big ticket items you should buy before Trump's tariffs kick in
With tariffs looming, "shoppers eyeing big-ticket items this Black Friday should consider moving quickly," WalletHub's Chip Lupo told Newsweek.
www.newsweek.com
