LAKE CHARLES, La. (KPLC) - Tension continues to build between the U-S and China, resulting in billions of dollars in tariffs, and we may soon see a noticeable difference at the check-out counter.
President Trump added a 25 percent tariff on another $300 billion worth of Chinese imports, to which China responded with a 25 percent tariff of their own.
Sure, it sounds like companies and our overall economy could potentially be hurt by it, but what about us? What about the average consumer?
Experts are saying those companies can only shoulder so much of that load, and it will eventually, at least partially, come back on us. They predict the average American could spend about $800 more on regular household items in the next year.
The impact on some of these tariffs could be noticeable by as early as this summer, so there are a few items we should stock up on now, before the price hikes.
For starters, electronics could see a big up-tick in cost. If you’re in the market for one, experts recommend splurging on that big flat screen T.V. now, instead of waiting. Another example, some believe iPhones could go up by $160 dollars or more.
However, the items that will impact the most people are likely to be those everyday purchases like paper goods, diapers, and frozen food.
Lastly, and maybe most importantly, go buy your kids’ school supplies now! They’re normally on sale at the start of summer anyways, but if you wait until August again this year the tariffs could make those necessities burn a much bigger hole in your pocket.