These Products Could Get More Expensive Under Trump’s Tariff Plan | Global News Avenue

tariff proposed by the president-elect donald trump is May cause price increase For Americans, according to warning from several economists and retailers.

Last week, Trump announced plans to impose a 25% tax Imposition of tariffs on all imported products Goods from Canada and Mexico, as well as goods from China, are subject to a 10% tariff on top of existing tariffs. Whether it’s Trump Plan to actually implement Tariffs or threats are being used as a negotiation tactic It’s impossible to know. Regardless, both Canada and Mexico have urged the president-elect to reconsider, arguing that the tariffs would harm the economies of all countries involved.

The impact on U.S. consumers is uncertain, but experts generally believe the tariffs will stoke inflation. Ernest Tedeschi, director of economics at the Yale Budget Lab, recently told S&P Global that he expects prices to rise 0.75%. That’s equivalent to consumers experiencing four to five months of normal inflation at the same time, which equates to an overall loss of $1,200, he said. purchasing power For ordinary families.

Here are some products that could become more expensive under Trump’s proposal.

Consumer Electronics and Appliances

Since the vast majority of electronics and appliances sold in the United States are imported, they are a category that is likely to see price increases. Last week, the Consumer Technology Association said the proposed tariffs would be “a major inflationary tax on Americans and harmful to the U.S. economy.”

Best Buy (BBY“There’s almost nothing in the consumer electronics space that’s not imported,” Chief Executive Corie Barry said during the retailer’s latest earnings call. She said Best Buy hopes to work with the Trump administration as it has with previous presidents, but noted that consumers often “end up bearing some of the cost” when it comes to tariffs, according to a note from AlphaSense.

Clothing, especially shoes

Clothing is another frequently imported category, including footwear. The Footwear Distributors and Retailers Association of America (FDRA) estimates that 99% of shoes sold in the United States are imported. More than a third of total footwear imports last year came from China, according to U.S. trade data.

FDRA estimates that by 2023, families will pay $900 million more for children’s shoes than they would without the current tariffs.

Ernie Herrman, CEO of TJX Corporation (Tian Jiaxing) acknowledged during an earnings call last month that retailers and other apparel companies may see price increases because of the tariffs.

Gasoline and electric vehicles

China is the world’s largest car manufacturer. China produced more than 30 million vehicles last year, nearly three times U.S. production, according to the International Organization of Automobile Manufacturers.

even cars Made in USA Materials such as steel, aluminum and graphite used in electric vehicle batteries could become more expensive as they become subject to widespread tariffs, according to a recent report from S&P Global and Argus. Electric vehicles could also become more expensive if Trump and a Republican-led Congress deliver on their promises. Repeal the electric vehicle tax credit.

imported food

More than half of the fresh fruits and vegetables entering the United States in 2022 will come from Mexico, according to the U.S. Department of Agriculture.

The Produce Distributors Association recently told Associated Press If other countries adopt retaliatory tariffs, imposing tariffs on imported food will lead to higher consumer prices and lower profits for U.S. farmers.