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CNN
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While there’s a lot we don’t know about President-elect Donald Trump’s tariff plans, at least one thing is fairly certain: tariffs will go up. If history is any indication, that means price increases are likely to follow.

Trump has already announced that on the day he takes office he will impose a new blanket tariff of 25% on imports from Mexico and Canada, as well as an additional 10% tariff on Chinese imports.

And during the campaign, he promised to impose a 60% tariff on all goods imported from China and a 10% to 20% tariff on goods from all other countries.

Such tariffs have the potential to significantly increase the prices consumers pay for almost everything that is not entirely made in the United States and of which there are very few goods.

You may be wondering, especially with so many Black Friday and Cyber ​​Monday deals, if there are any purchases you can make now to save money later?

The answer is yes – with reservations.

Tariffs are a tax on imports. Governments often impose them to protect national security, strengthen domestic businesses and increase revenue.

However, they can be expensive for consumers as companies often pass on higher costs.

Overall, the typical middle-income U.S. household could spend more than $2,600 more per year if a flat 20% tariff on all imports and a 60% tariff on imports from China were imposed, according to a study by the Peterson Institute for International Economics.

Take avocados for example. In 2022, 90% of avocados consumed by Americans were imported. 89% of avocados imported into the US came from Mexico. So if Trump imposes a 25% tariff on Mexican imports, that guac and avocado toast that you probably already think is really expensive will only get more expensive.

Stockpiling comes with its own risks. For example, you can only buy so many avocados before they go bad. And it’s an open question whether Trump will soften his approach to tariffs.

We also don’t know how long the tariffs he envisioned would remain in effect, whether certain items would be exempt, as was the case with many of his first-time tariffs, or whether new tariffs would be introduced in phases rather than at all.

As a result, many things may not actually become more expensive, said Scott Lincicome, vice president of general economics and trade at the libertarian-leaning Cato Institute.

And as we’ve seen during the pandemic, “consumer stockpiling can actually lead to higher prices and empty store shelves,” he said. Plus, the money you put into stockpiling means you can spend less in other areas.

However, here are five items that are likely to become more expensive with the new tariffs Trump is imposing that might make sense to purchase before he takes office.

A 10% tariff on all imports and an additional 60% tariff on imports from China would increase the price of an average household appliance by 19.4%, assuming retailers pass the full additional cost on to consumers. That’s according to an analysis commissioned by the National Retail Federation, a trade group that represents retailers.

A basic refrigerator would cost between $650 and $776.

That doesn’t mean you should rush to buy right now. But if you need a new device – or need it soon – now is a good time to think about buying it.

“In hindsight, if you desperately needed a washer and dryer in 2017, I would have said, ‘Buy this sucker now; Don’t wait, because next year it will be 20% more,” Lincicome said, looking back to a 20% tariff on imported washing machines that Trump imposed in 2018.

Laptops and tablets

It’s unlikely that many consumer electronics exempt from the current tariffs will escape the blanket tariffs, said Ed Brzytwa, vice president of international trade at the Consumer Technology Association, a trade group.

A flat 10% import tariff plus the additional 60% on Chinese goods could lead to a 45% increase in consumer prices for laptops and tablets, according to an analysis commissioned by the CTA released last month. On average, that would mean consumers paying $357 more for laptops and $201 more for tablets.

But a 25 percent tariff on Mexican imports would likely drive those prices even higher, given how much electronics is made there, CTA told CNN.

“Higher tariffs on our closest allies and trading partners like Canada and Mexico are counterproductive and will only result in harm to U.S. businesses and consumers,” CTA President Gary Shapiro said in a statement Wednesday.

“There is very little in the consumer electronics space that is not imported,” Best Buy CEO Corie Barry said on the company’s earnings call earlier this week. “In the end, the customer bears part of the tariff costs. These are goods that people need, and higher prices are not helpful.”

The price of a new games console could rise by almost 40% if only the 10% tariff on all imports and another 60% on Chinese goods are taken into account, the CTA estimated. That would increase the average price of a gaming console by $246.

That’s largely because China is the top supplier of consoles, accounting for 87% of U.S. video game console imports last year, according to the CTA-commissioned report. The authors write that there are only a few alternatives for relocating production. And using the few alternatives involves high costs.

The CTA report estimates that the price of a new smartphone would rise 26% to $213 and would likely rise even higher if a flat 25% tariff were imposed on imports from Canada and Mexico. Much like consoles, very few smartphones are made in the USA. According to the report, China currently accounts for 78% of total U.S. imports.

Shifting smartphone production to other countries, including the US, where very few are currently made, could drive up prices significantly.

One item that is high on the list of things that could become more expensive under Trump’s tariffs are e-bikes, Lincicome told CNN. “I could be reasonably confident that there will be some issues with consumers.”

That’s because most e-bikes sold in the U.S. come primarily from China and are already subject to tariffs, he said. In addition: “It’s not like Donald Trump is a big fan of environmental friendliness and e-bikes.”