Let’s talk about inflation and what to stock up on in response to price hikes. Do you purchase items from Canada, Mexico or China? The Trump Administration has placed an additional 25% tariff on imports from Canada and Mexico and an additional 10% tariff on imports from China, according to the White House’s official website. These tariffs are on top of existing tariffs already in place — so how could this affect consumer’s personal finances?
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In an ideal world, these tariffs wouldn’t increase the price for U.S. consumers; however, this isn’t realistic. Here are items to stock up on in response to Trump’s tariffs.
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Computers and Accessories
Countless well-known computer brands, such as Apple, Dell and HP, create and assemble their products in China. According to the Observatory of Economic Complexity (OEC), 8.7% of all exports from China are for computers. If you’re thinking about upgrading your work laptop or gaming PC, consider doing so now before prices are adjusted for tariffs.
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Televisions and Electronics
TV and other broadcasting equipment accounted for 12.5% of exports from China to the United States, according to the OEC. Have you been dreaming about a 75-inch flatscreen TV in your living room? How about upgrading your desk monitors or investing in a surround sound system? Whatever the case, consider buying your TV and electronics equipment now.
Toys and Video Games
China is a major exporter of toys and video games to the United States. In 2023, toys, video games and card games accounted for 5.40% of imports into the United States, per the OEC. Now might be a great time to stock up on birthday presents, Christmas gifts and other toy items before prices increase.
Vehicles
If you’re a business owner or in the market for a new vehicle, consider expediting your purchase. Over 23% of imports from Mexico in 2023 were related to cars, delivery trucks and accessories, according to the OEC. If you’ve been considering upgrading your car,it might make sense to get the process started sooner rather than later.
Beer and Liquor
If you enjoy having a cold one after a long day, check where your beverage comes from. In 2023, purchases of beer and hard liquor made up 2.32% of United States imports from Mexico, per the OEC. Alcoholic beverages have a long shelf life, making them great items to stock up on.
Rapeseed Oil
Canada is a major producer of rapeseed oil, also known as canola oil. In fact, 1.18% of all U.S. imports from Canada in 2023 were for rapeseed oil, according to the OEC. If canola oil is your preferred cooking oil, consider stocking up, as prices are likely to increase due to tariffs.
Wood Products
Wood products, including sawn wood, particle board and wood carpentry items, made up 2.25% of imports from Canada in 2023, per the OEC. If you’re considering starting a new project or ordering a new piece of furniture, now might be the time to stock up. The prices for lumber and products containing wood and particle board may increase over the next few months.
New tariffs don’t always mean prices will increase. However, taking a proactive approach and stocking up on items you would already be purchasing can safeguard your wallet if prices do rise.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 7 Items To Stock Up on in Response to Trump’s Tariffs
