Besides the traditional holiday shopping season , there might be good understanding to displace some planned purchases between now and January 20 : Price hikes are wide expected to be passed onto U.S. consumers should the incoming Trump administration impart out its plans to enforce across - the - circuit board duty on import .
President - elect Donald Trump has articulate the U.S. will slap a unexampled 25 % tariff on imports from Mexico and Canada , along with an additional 10 % on Taiwanese imports . While candidacy , Trump also remark a 10 % duty on all imports and an additional 60 % tariff on imports from China .
Of of course , no one knows incisively what the final tariffs will be . And before consumers rush to buy essential and non - essential trade good , some arewarningthat retailers are using the threats of tariffs to boost their twelvemonth - end sale .
Still , analyst and economists are also warning that tariffs are on the means . And based on Trump ’s own promise , certain consumer goodness are in particular at risk for damage hikes .
While the impact on consumer prices would be astray - ranging , machine first make out to mind .
GM , Ford , and Stellantis , the Big Three automakers . , rely heavily on Mexico- and Canada - based plants to produce vehicle bound for the U.S. market . consort to Global Data , about 15 % of the 15.6 million young vehicle sold in the U.S. last year fare from Mexico , while 8 % came from Canada .
Responding to Trump ’s announcement , Mexico ’s economic minister , Marcelo Ebrard , notedthat 88 % of U.S. pickup trucks from the Big Three automakers are import from Mexico . As a termination of the tariffs , he said the average monetary value of a pickup would get up by $ 3,000 in the U.S.
Wells Fargo analyst , meanwhile , predictthat U.S. prices for vehicles whole produced in Canada and Mexico would increase by $ 8,000 to $ 10,000 . But U.S.-assembled cars would not be spared , with tariff expected to lift their prices by an average of $ 2,100 .
galvanizing vehicles ( EVs ) are also particularly at risk , facing a potential double - hex of duty - make price hikes as well asthe end of the Biden administration ’s $ 7,500 federal tax incentiveon EV leverage . The compounding of the two could get up the average price of an EV by at least 20 % .
away from self-propelling products , the National Retail Federation ( NRF ) ispredicting Brobdingnagian increase in consumer priceson laptops and tablets , major home appliances , TV game consoles , and smartphones , as well as e - bikes .
NRF , base on Trump ’s campaign - trail promises of a 10 % duty on all import and an extra 60 % tariff on imports from China , portend the Mary Leontyne Price of the average household appliance would increase by 19.4 % .
Price hike would be much big for laptops and tablets , which would increase by at least 45 % , concord to the Consumer Technology Association . Similarly , the toll of a raw video console would go up by nigh 40 % . Smartphone damage would be expected to rise by at least 26 % .
