Tariff tensions may raise prices on a variety of goods; here’s what experts say you should buy now

Tariff tensions between the US, China, Canada and Mexico could mean price hikes on a variety of imports for American consumers.

In the latest volley between the countries- China has announced a broad package of economic measures against the United States, in exchange for a 10% tariff President Trump enacted on goods from China.

Over the weekend, the President also announced tariffs on goods exported from Canada and Mexico, and then paused that order for 30 days after phone conversations with the leaders of those two countries.

If you’re already in the market for goods made in China, you could consider buying now to avoid potential price hikes down the road.

From the foods we eat to the electronics we depend on and the cars we drive, what could the tariffs mean for consumers?

The National Retail Federation released a study several weeks ago detailing the estimated increases tariffs could have in six areas: apparel, footwear, home appliances, furniture, toys and travel goods.

Jonathan Gold with the NRF says the study found tariffs could result in a yearly price increase of $2,500 to $7,600 for an American family.

For example, when tariffs go into effect, assuming businesses pass along costs to the consumer, a $793 laptop could increase to $1,150 or more. Experts predict a 45 to 68% increase.

Smartphones, appliances and TV prices could also go up.

“Apparel was probably the most significant for price increases,” Gold said.

An $80 pair of jeans could cost between $90 and $96. That’s a 13 to 21% increase.

Need footwear for yourself, your kids or grandkids? A pair of $90 running shoes could jump to between $106 and $116.

A $50 tricycle may soon cost $68-78, a 36 to 56% increase.

“Toys currently have a 0% duty. When you add a 25% or more tariff to toys, that’s going to be significant,” Gold said.

Deena Cundall is in the market for a new car, and the auto industry is especially susceptible to tariffs.

“It’s thousands of dollars and if you’re looking at adding 20-25% on top of that or more, that adds up,” she said.

As to when we’ll start feeling the pinch? The experts say that depends on the product, and the country it’s coming from.

“Things have to cycle through the supply chain before you start seeing those effects,” Gold said.

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