(KWWL) – If you buy diapers, paper towels or use a smartphone, the US-China tariff battle will affect your finances going forward. And the list goes on.
President Trump has added a 25-percent tariff on $200 billion worth of Chinese imports. In retaliation, China hit back Monday with plans to raise tariffs on $60 billion in U.S. goods starting June First.
According to a NBC News report, “experts say the burden will land squarely on U.S. consumers.” The report goes on to name many goods that will most likely become more expensive, and USA Today has also listed items:
1. Everyday purchases. Most foods and paper goods, including diapers, toilet paper and paper towels.
2. Smartphones. The price for a new iPhone could rise by around $160.
3. Televisions, video game consoles and laptops.
4. Sporting goods.
5. Camping equipment.
6. Shoes and clothing.
9. Cleaning products and industrial chemicals.
10. School supplies.
14. Bicycles and bicycle helmets.
18. Bed sheets.
Experts advise all consumers to buy now and stock up on everyday items, as the trade war shows no signs of coming to an end anytime soon. Prices are expected to increase significantly in the early fall. Experts also advise, if you planned to make a big purchase in a couple of months, make the purchase now if financially possible.
Read the full NBC News article: https://www.nbcnews.com/business/consumer/school-supplies-smartphones-diapers-what-buy-now-new-tariffs-hit-n1005896
Read the full USA Today article: https://www.usatoday.com/story/money/2019/05/10/us-china-trade-war-how-affect-shoppers-and-can-tariffs-work/1164965001/