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Topics: Donald Trump, Money, Shopping, Walmart, Politics
Emily Brown
Topics: Donald Trump, Money, Shopping, Walmart, Politics
Billionaire Mark Cuban has urged members of the public to 'go to Walmart' before Donald Trump's new tariffs come into effect as he shared his thoughts on how the new measures could have an impact on prices.
Cuban's warning came after the POTUS announced a 'base' tariff of 10 percent on countries such as the UK, Australia and New Zealand, which will work alongside bigger custom tariffs for countries deemed by Trump to be some of the 'worst offenders' when it comes to trade.
Everyday items including alcohol, coffee and cars are expected to be impacted when the tariffs go into effect this month, though Cuban has claimed price hikes might not be the result of tariffs alone.
In a post on the social media platform Bluesky, Cuban encouraged members of the public to go to 'the local Walmart or big box retailer' as soon as possible.
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The billionaire, who is one of the investors on ABC's Shark Tank, said: "It's not a bad idea to go to the local Walmart or big box retailer and buy lots of consumables now. From toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory."
Cuban went on to claim that companies could potentially use the tariffs as an excuse to increase prices, saying: "Even if it's made in the USA , they will jack up the price and blame it on tariffs."
Cuban's warning echoes that of other experts who have spoken out about the types of products that are likely to increase in price, with Dr. Sung Won Sohn, an economist and academic at Loyola Marymount University in Los Angeles, explaining that perishable items and beverages like tea and coffee are likely to see changes almost immediately.
"We import 80% of avocados that we consume in America and those are perishable items, so they will be more expensive immediately," Sohn told The New York Post.
Elsewhere however, experts have advised against panic buying as they pointed out that items will still be available in stores after the tariffs come into effect.
Lawrence Sprung, a certified financial planner based in Long Island, New York, told NBC New York: "At the end of the day, [consumers] will be able to get the goods they need or want, but [may] need to pay more for them at a later date if the tariffs are implemented."
Catherine Irby Arnold, senior vice president and Washington market leader for U.S. Bank, also stressed the importance of recognizing the difference between what you can and can't control. While consumers are unable to control the price of goods, they can make choices with regards to their spending and cutting down on potentially unnecessary purchases to help cope with price hikes on vital goods.