How much will your budget be impacted by a trade war
Americans like bargain prices to make their wallet stretch. But with a trade war, many Americans are bracing themselves for impact as many types of exports are projected to soar in cost. Consumers will be expected to pay more for certain goods and services. It is hopeful that American companies will offer better competitive pricing for furniture, food, and bring jobs back home. In the meantime, where is the average American going to feel the need to pinch pennies?
Fast fashion feels the burn
Indulging your inner clotheshorse to expand your wardrobe may no longer be so cheap and easy. Thanks to the trade war, exported textiles and fashion offerings are going to see a hike in prices.
Evading electric avenue for digital toys
Apple products were spared the tariffs. However, there are a plethora of electronic goods you might have overlooked. Home goods such as vacuum cleaners, refrigerators, lamps, and cooking appliances may experience a cost increase of up to 4%.
If you are shopping for a smart speaker, or need certain Internet-connected devices, prepare to pay the price. Projected increases of up to 6% on the cost of telecommunication products will pass on to the American consumer.
99-cent cheap thrills no more
Dollar General, Family Dollar, and Dollar Tree won’t expect to suffer because of a trade war, nor their customers. Many 99-cent stores source their products from domestic sources. However, any 99-cent stores that heavily rely on exported plastic and paper goods, housewares, and food may see an increase.