As tariffs kick in, here are the items you can expect to carry increased price tags soon, and strategies to protect your wallet.
How do tariffs affect you?
A tariff, as defined by Investor's Business Daily, is a tax on imports, the purpose of which is to protect domestic production and jobs. Tariffs are at the heart of trade tensions that have existed between the United States and China for more than a year. The countries have enacted tariffs on billions of dollars' worth of goods from each other, which has negatively affected the stock market and caused unease for retailers and shoppers.
The Financial Times reports that the United States placed a 25 percent tariff on $250 billion of Chinese goods, then added 15 percent on an additional $112 billion. President Trump threatened to slap 15 percent on yet another $156 billion if a deal is not made. At issue, says the New York Times, are theft of intellectual property and economic practices like subsidies that Trump has said gives China unfair trade advantages.
According to reporting by CNBC, the impact of these tariffs has not hit consumers in a big way…yet. But experts believe that consumers will undoubtedly see a rise in the cost of a host of goods. "The supply chain will try to absorb as much of the blow as they can, then they will move those costs forward to consumers," David French, senior vice president of government relations at the National Retail Federation, told CNBC.
"If you're concerned about tariffs leading to high Black Friday prices, the good news is that the shipping process doesn't happen overnight," writes Joseling Linder for DealNews. "It's safe to assume that at least some suppliers anticipated the Trump tariffs, bringing in goods before they rolled out." And, in fact, these are 25 amazing Amazon Black Friday deals that are sure to sell out this year.
Here's a look at some items you can expect to have increased price tags as the trade war continues—and some strategies to get them at the best prices possible.
Marketwatch points out that the last round of tariffs, the 15 percent tariffs on $112 billion of Chinese goods, will cause price increases for school supplies including pens, pencils, crayons, and calendars. Buy these items sooner rather than later, as the products currently in stores shipped before the increase in tariffs, and prices likely won't change until the start of the new school year. Plus, these genius swaps will help you save big on back-to-school shopping.
12 Things That Are About to Get Way More Expensive, Source:https://www.rd.com/advice/saving-money/things-about-get-more-expensive/