President-elect Donald Trump has promised high tariffs on many imported goods. Here’s a rundown on products you might want to buy before the tariffs take effect. Veuer’s Matt Hoffman reports.
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00:00One of the key policy planks in Donald Trump's platform was tariffs, or taxes on imported goods.
00:06According to CNN, Trump has said that he'll impose 25% tariffs on products from Canada and Mexico,
00:11and an additional 10% on products from China.
00:14In the past, he's suggested tariffs as high as 60% on Chinese goods.
00:19It remains to be seen what he'll actually implement.
00:22But despite Trump's assurance to the contrary,
00:24tariffs are likely to raise prices for American consumers.
00:27So if you're looking to stock up before Inauguration Day, what should you focus on?
00:31Your number one priority should be electronics.
00:34Author and financial influencer Vivian Tu tells HuffPost they are already a high-ticket item,
00:39and many consumer electronics are manufactured in China or use components sourced there.
00:43Indeed, CNN says that very few smartphones are manufactured in America,
00:47and that according to a Consumer Technology Association report,
00:50China accounts for 78% of smartphone imports to the U.S. and 87% of video game console imports.
00:58Appliances are another category that could be hit hard.
01:01HuffPost says that researchers at the University of Chicago and a Federal Reserve board governor
01:05found that Trump's 2018 tariffs raised prices on washing machines by 12%.
01:10And if you've been thinking about buying a new car, you might want to do so sooner rather than later.
01:15According to Bloomberg, analysts at Wolf Research predict that Trump's tariffs
01:19could raise new car prices by an average of $3,000.