With President-elect Donald Trump's plan to levy import tariffs, consumers are concerned about higher prices. Trae Bodge of TrueTrae, joined TheStreet to discuss how to navigate and prepare for potential price hikes on imported goods.
Related: What Trump's new tariff proposal could mean for inflation
Full Video Transcript Below:
CONWAY GITTENS: So economists are growing concerned that these tariffs could raise product prices even on groceries as we head into well, next year really, because it doesn't start until you get into office. So what tips do you have for smarter shopping if these tariffs do come into play?
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TRAE BODGE: Yeah so this is a really interesting question. I mean it's not going to be very soon that we're going to see price increases. But those price increases could be happening. I am seeing a lot of chatter on social media where people are kind of panic buying. I wouldn't recommend that. I don't think stockpiling right now is worth doing. But I would say this if you have, say, a big ticket item on your list that you're considering buying in six months to a year, maybe it's a new appliance for your home, for example, or you need a new car. You might want to start looking around now, and if you find an amazing deal on that item, perhaps you shift your budget around a little bit and invest in that item. Now versus waiting, because it is possible that item, if it's especially if it's imported from China, that price could go way up. I mean, obviously this is all still like all up in the air and we don't really but I so I don't think it's time for panic buying. But you might want to just move some priorities around, especially if it's something bigger ticket that's on your list.
