DAYTON — President Trump has threatened several trading partners with tariffs. However, what does that mean for you in the Miami Valley?
News Center 7′s I-Team Consumer Investigator breaks down what impacts tariffs have on your wallet.
Deena Cundall said, “Rent prices have gone up. Grocery prices are going up.”
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It seems like the price of everything has gone up and with all the talk of tariffs, that has Cundall thinking.
“A light bulb just kind of went off in my head. You know, vehicles are a very large purchase – 10s of 1000s of dollars,” she said.
So, she started looking at vehicles thinking she would buy one before any new tariffs could impact the prices.
“We’re very budget conscious. My husband is very good with finances and so it’s just always a conversation,” Cundall said.
The National Retail Federation released a study looking at the possible impact of 60 to 100 percent tariffs on China and 10 to 20 percent tariffs on imports from all countries.
Jonathan Gold with the National Retail Federation said, “And they found that those tariffs would result in a price increase of anywhere between $2,500 to $7,600 for an American family within the year.”
The NRF said the following items would go up in price if the tariffs went into effect – toys, appliances, and shoes. The Consumer Technology Association found that laptops, tablets, gaming consoles, and smartphones would also go up in price.
“This economy really thrives on being a global supply chain. We can’t make everything here. Unfortunately, I think trade certainly has been a big win for consumers, both in a variety of products available and for keeping prices low,” Gold said.
News Center 7′s Xavier Hershovitz posed the question – Should you go out now and buy things before any tariffs go into effect?
Consumer Advisor Clark Howard said, “Basically everybody needs to take a chill pill. There’s nothing that I would rush to buy because of concern about what might have a tariff on it. Once it’s final what tariffs are going to be on what items from what countries, it may be at a time that makes sense to buy.”
Howard said to make sure consumers are staying within their budget and buying only what they would normally buy anyway because a 10% tariff doesn’t automatically mean a 10% price increase.
“Because the cost of the item when it comes into the United States is only part of the ultimate cost you and I pay. So, a 10% tariff is not going to be a 10% increase. It might be a 2 to 3% increase on us as a consumer,” Howard said.
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