As the fireworks light up the sky on New Year's Eve, the world will usher in 2025, and in less than three weeks, Americans will welcome a new leader at the White House. President-elect Donald Trump will be sworn in at the 60th Presidential Inauguration on Jan. 20, 2025. While many express excitement over Trump returning to the helm of the U.S. government, others voice skepticism, particularly regarding his tax plans unveiled during the campaign.
Trump aims to increase tariffs on various imports, particularly those from China, which could lead to higher prices and hit consumers' budgets. Given the strong likelihood that Trump will follow through on these pledges, it might be wise to secure certain items before prices soar following the inauguration. Here's what you should consider buying now:
Electronic Items
In today's world, electronics are essential, including mobile phones. The iPhone, for example, could be significantly impacted since it's manufactured in China. The president-elect has indicated that higher tariffs will be imposed on Chinese imports, so if you're planning to purchase an iPhone or any other mobile device next year, it's advisable to buy it this month.
According to Go Banking Rates, these tariffs could also affect other electronic devices like TVs and computers.
Vehicles
Purchasing a vehicle can be a significant investment, but buying now could prove beneficial in the long run. Increased tariffs on materials used in car manufacturing, such as metals, steel, and aluminum, may jack up the prices by several hundred dollars. The savings you secure today could make a substantial difference later.
Appliances
Economists predict that home appliances could see price increases of about 20%. This could invariably lead to higher spending if you make your purchases next year. Whether you are planning to buy a more efficient refrigerator or washing machine, it might be a good idea to start shopping now to save on these home essentials. Next year might not be a very good time to invest in these must-haves.
Furniture
According to the National Retail Foundation (NRF), consumers could end up paying between $8.5 and $13.1 billion more for furniture purchases if Trump's proposed tariffs take effect. So if you have been eyeing a new couch, bed, or a lovely wooden cabinet for your dining room, now might be the time to make that purchase.
Toys
Don't forget to stock up on toys for your little ones. The NRF forecasts that consumers will pay between $8.8 and $14.22 billion more for toys if tariffs are implemented. Since the holiday season is upon us, it's wise to buy toys now and stash them away for later.
Trump's inauguration is approaching, and while there's a slim chance his tax plans may not be enacted, securing the items mentioned above could save you money. After all, the likelihood of these taxes being implemented is higher than them being shelved.
