Tariff Impact ► Things You Might Buy Before Tariffs Make Them More Expensive

Tariff Impact ► Things You Might Buy Before Tariffs Make Them More Expensive

President Trump's latest tariffs on Chinese goods could make the holiday season — and beyond — much more
expensive. Your budget might feel the impact of the next round of tariffs sooner and more keenly than with previous tariffs. President Trump recently announced that the U.S. plans to levy an additional 10% tax on $300 billion worth of goods imported from China. But unlike previous tariffs, which focused on goods that are parts for the manufacture of other things, the new batch of tariffs falls heavily on finished goods, according to CNN.

This new round of tariffs will kick in on 1 SEP, Trump said. So, while some companies may still successfully plead for exemptions, many household items and holiday gift favorites stand to be hit with new ongoing taxes next month.

Since those additional costs could be passed on to consumers, now is the time to consider stocking up on anything you need that may face fresh tariffs. Here is a look at some of the things that may soon increase in price.

1. Office and school supplies -- Erasers, Scissors, Pencils, Crayons, and Sharpeners.

2. Cellphones -- The proposed list includes telephones for cellular networks as a whole. Prices could rise by 14%, according to a June report compiled for the Consumer Technology Association. That would mean that the average retail price for a cellphone ($492) would increase by nearly $70.

3. Baby products – Diapers, Strollers, Walkers, Playpens, Nursery monitor systems, and Child safety seats.

4. Toys for children and pets alike.. Consumers could soon be paying 30% to 40% more for toys, a toymaker executive recently told The Washington Post.

5. Batteries. Nickel-cadmium, lithium-ion and lead-acid batteries all appear on the list of proposed tariffs.

6. Shoes. With 70% of shoes sold in the U.S. coming from China, the industry is bracing for a hit, CNBC reports. Industry analysis suggests a 10% tariff could bump up the consumer price of popular canvas sneakers from $49.99 to $58.69 and that of running shoes from $150 to $187.50, according to CNBC. More than 170 shoe retailers and brands have asked the Trump administration not to raise tariffs on footwear.

7. Winter clothing – Gloves, Mittens, Scarves, Sweaters, and Coats

8. Laptops and tablets -- Laptop and tablet computer prices could rise by 19%, according to the June report compiled for the CTA. That would mean the average retail price for a laptop ($622) would increase by about $120, and that of a tablet ($264) would increase by $50.

9. Video game consoles -- China accounts for more than 96% of imported video game consoles, and there is very little production in the U.S. As a result, nearly all of the higher cost of tariffs on consoles would be passed on to consumers. The CTA expects prices in the U.S. would rise by 19% which would increase the average retail price for a video game console ($294) by $56.

10. Drones -- The CTA expects the new tariffs on this category of goods to push up prices of toy and “starter” drones by 15% overall, or by $61 for a drone at the average retail price of $404.

11. Cameras -- Digital still image video cameras, old-school instant-print and film cameras, appear on the proposed list of goods facing the new tariffs. Photography accessories and parts are also included.

12. Bedding and other linens -- Bedspreads, blankets, quilts and comforters, Pillows and cushions, Curtains, drapes and valances, Kitchen linens, and Bath linens

13. Dishware -- Many kinds of cutlery, drinking glasses, and porcelain and china tableware all appear on the list.

14. Eyewear – Corrective/non-corrective glasses, sunglasses and contact lenses that originate in China.

15. Watches and clocks -- wristwatches, clocks and alarm clocks.

16. Musical instruments -- a number of categories of musical instruments, ranging from accordions to grand pianos — and their various accessories.

17. Bibles -- “Printed books, brochures, leaflets and similar printed matter,” a wide-ranging category that covers everything from maps and calendars to postcards and greeting cards plus most-sold book, the Bible. As many as 150 million bibles are printed in China each year.

18. Fishing and sports gear -- Fishing rods, hooks and line plus a variety of other sports and outdoors activities, ranging from skis and ice skates to tents and camping goods.

19. Fireworks, signaling flares, matches and other explosives.

20. Home entertainment – TVs.

21. Home improvement – Doors, Blinds, Wallpaper, Ceiling fans, Kitchen appliances such as ovens, stoves and dishwashers, Washing machines and dryers

22. Certain motor vehicles – Motorcycles, Tanks, Snowmobiles, Golf carts

[Source: MoneyTalksNews | Brandon Ballenger | August 9, 2019 ++]