These products may see prices increase once tariffs go into effect later this month.
Americans considering making big-ticket purchases may consider doing so before President Donald Trump’s tariffs go into effect later this month.Why It Matters
Economists warn that Trump’s latest round of tariffs on imports from dozens of countries will make goods more expensive for American consumers.
Trump has argued that the tariffs are necessary to restore U.S. manufacturing and erase the trade deficit with other countries, but the market reacted negatively to his announcement. The Dow Jones Industrial Average dropped nearly 4 percent on Thursday as investors face growing uncertainty about the future of the U.S. economy.What To Know
Bankrate senior analyst and Washington Bureau Chief Mark Hamrick told Newsweek whether to jump at the opportunity to make purchases should depend on the necessity of the purchase and the „overall financial health“ of an individual or household.
„I’m generally not a fan of leaning into consumption when most households live paycheck to paycheck“, Hamrick said. „For those who are largely accomplishing their financial goals, have adequate emergency savings and are paying down debt, it is worth considering. For those who are struggling right now, they should strongly consider delaying such purchases and opt instead to save more, pay down debt.“
Here are some items that are likely to increase in price and may warrant consideration for individuals already in the market:Smartphones
Smartphones like the iPhone or Samsung Galaxy are primarily produced in Asian countries. The iPhone, for instance, is largely manufactured in China, which Trump hit with a 54 percent tariff. Some manufacturing for the product has been moved to India, which will still face 26 percent tariffs.
Rosenblatt Securities analysts predicted this could result in iPhone prices rising from $599 to $856, according to Forbes. For the iPhone 16 Pro Plus, prices could jump to $2,300 from $1,599.TVs and Laptops
Smartphones aren’t the only tech product that the tariffs will likely impact. Laptops and televisions could also go up in price. Apple products, like MacBooks, are produced in China. Companies like Dell and Asus produce their products outside the United States, meaning they will likely be subject to new tariffs.
Popular TV brands are also made abroad. Sony, for instance, has produced TVs in Mexico, while LG is based out of South Korea.Clothing and Shoes
Stores like Walmart, Old Navy and Target largely rely on foreign-made apparel from countries like China and Vietnam, meaning the affordable clothes Americans frequently purchase could become more expensive once tariffs are in effect.
