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On the campaign trail, Trump indicated his intention to institute sweeping tariffs to replaceincome taxes.
A tariff boils down to a tax imposed by the government on imported goods.
For some goods, his proposed tariffs may be even higher.
Ultimately, tariffs mean that certain goods may get more expensive for consumers.
Explore whatthings to consider buying before Inauguration Day to potentially avoid a price hike.
Beyond smartphones, the tariffs could impact the price of TVs, computers,smart home devicesand more.
If youve been eyeing a particular electronic, now might be the time to jump on holiday sales.
Appliances
Some economists foresee home appliances, like washing machines and refrigerators, seeing higher price points.
With tariffs on the horizon, check out holiday sales to potentially find a replacement in the near-term.
For consumers currently shopping for a vehicle, the importance of buying soon may increase.
Plus, the organization expects consumers to pay between $6.4 billion to $10.7 billion more for footwear.
For some, this could mean a significant hit to their budget.
For families with young children, this could put a strain on budgets.
Takeaway
Trump has signaled a desire to impose more tariffs on imported goods.
Based on the way the economy is structured, this will likely lead to higher prices for select goods.
However, its generally a good idea to avoid overconsuming for the sake of your financial situation.
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