Five items to buy now before Trump’s tariffs take effect on August 1st
Topics: Donald Trump, Money, Tariffs, Technology, Food and Drink, US News
Callum Jones
Featured Image Credit: Al Drago/Bloomberg via Getty Images
Topics: Donald Trump, Money, Tariffs, Technology, Food and Drink, US News
These are the five items you need to buy now before tariffs announced by Donald Trump come into effect from next month.
Trump's second term as US president has been dominated by tariffs, with global sweeps detailed in April seeing prices rise and the stock market fall.
Sweeping tariffs came about on what Trump dubbed ‘Liberation Day’ for the United States, though delays in them being implemented has lead to a volatile stock market.
Subsequent trade deals have been made with nations such as the UK following this, but one thing is clear, tariffs introduced next month will see many items increase in price.
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Forbes looked into five specific items you should really buy now if you have any interest in them, as they are set to soar in price in just a few weeks.
Yep, if you're in the market for a new iPhone, laptop, TV, or even printer, then it's probably best to act now.
Forbes notes that there is a lot of uncertainty on if such tech does see price hikes because of tariffs, so to avoid any worries, it's advised you make that big purchase soon.
How are the likes of sofas and dining tables going to be impacted by tariffs?
Well, roughly 75 percent of all furniture sold in the US is produced overseas, according to the Alliance for American Manufacturing.
So, unless the US furniture game gets it together, you'll likely be paying more for all types of furniture, ranging from office desks to coffee tables.
A ton of Textiles are made overseas, including an item a lot of us would admit to having too much of.
I'm, of course, talking about shoes, with prices likely to hike when tariffs are introduced.
Forbes reports the likes of men’s shorts, crossbody bags, and bath towels could also be impacted by Trump's tariffs.
Perhaps the most important item on this list is food, and much of it is set to see a price increase due to tariffs.
For example, The US purchased over $45 billion in food and farming products from Mexico in 2023 - with almost two-thirds of all imported veg coming from the US' southern neighbor, as well as just under half of all fruits and nuts shipped to the country.
With newly-imposed tariffs, prices look set to be imposed on the consumer.
Home appliance tariffs have already increased in price due to a 50 percent tariff imposed on certain steel products such as washing machines, fridges, and dishwashers.
But with new measures introduced next month, they could rise further.