While the specifics of President-elect Donald Trump's tariff strategies remain largely unknown, one thing seems certain: tariffs are set to increase. Drawing from historical precedent, this could lead to a rise in prices. Trump has already indicated his intention to impose a 25% tariff on all imports from Mexico and Canada on his first day in office, as well as an additional 10% tariff on Chinese imports. During his campaign, he also promised a 60% tariff on all goods imported from China and a 10% to 20% tariff on goods from all other countries. These measures have the potential to significantly raise the prices consumers pay for nearly all items not entirely manufactured in the US, which is a small fraction of the total. With the current sales events like Black Friday and Cyber Monday in mind, you might be wondering if there are any purchases you can make now to save money in the future. The answer is affirmative, albeit with certain reservations. Tariffs are essentially taxes on imported goods, often implemented to safeguard national security, support domestic industries, and generate revenue. However, they can be costly for consumers as businesses frequently pass on the increased costs. According to research from the Peterson Institute for International Economics, if a blanket 20% tariff on all imports and a 60% tariff on imports from China were to be implemented, the average middle-income US household could face an additional expenditure of over $2,600 per year.

Consider avocados as an example. In 2022, 90% of the avocados consumed in the US were imported, with 89% of those coming from Mexico. Should Trump impose a 25% tariff on Mexican imports, the already pricey guacamole and avocado toast would become even more expensive. However, stockpiling presents its own set of risks; for instance, avocados spoil quickly. It's also uncertain whether Trump will moderate his stance on tariffs. We are unaware of the duration of any tariffs he is considering, whether certain items would be exempted, as was the case with many of his previous tariffs, or if new tariffs would be introduced gradually rather than all at once. Consequently, it's possible that not all items will become more expensive, as noted by Scott Lincicome, the vice president of general economics and trade at the libertarian-leaning Cato Institute. He also pointed out that, as we've seen during the pandemic, "consumer stockpiling can actually lead to higher prices and empty store shelves." Additionally, any money spent on stockpiling reduces the amount available for other expenditures. Nonetheless, here are five items that are likely to see price increases with any new tariffs Trump might impose, making it sensible to consider purchasing them before he takes office.

A 10% tariff on all imports and an additional 60% tariff on imports from China could raise the price of the average household appliance by 19.4%, assuming retailers fully pass on the additional cost to consumers. This is according to an analysis commissioned by the National Retail Federation, a trade group representing retailers. For instance, a basic refrigerator could increase in price from approximately $650 to $776. While this does not necessarily mean you should rush out to buy one, if you need a new refrigerator—or will soon—it might be wise to consider making the purchase now. Reflecting on a 20% tariff on imported washing machines that Trump implemented in 2018, Lincicome said, "If you were in dire need of a washer and dryer in 2017, I would have said, 'Buy that sucker right now; don’t wait because next year it’s gonna be 20% more.'"

Laptops and tablets are among the consumer electronics that are unlikely to be exempt from blanket tariffs, according to Ed Brzytwa, vice president of international trade at the Consumer Technology Association, a trade group. A 10% import tariff plus an additional 60% on Chinese goods could result in a 45% increase in consumer prices for laptops and tablets, based on an analysis published last month and commissioned by the CTA. On average, this would translate to consumers paying $357 more for laptops and $201 more for tablets. However, a 25% tariff on Mexican imports could further drive up these prices, given the significant number of electronics manufactured there, as reported by the CTA. "Higher tariffs on our closest allies and trading partners like Canada and Mexico are counterproductive and will only lead to harm to US businesses and consumers," said CTA president Gary Shapiro in a statement on Wednesday. "There’s very little in the consumer electronics space that is not imported," added Best Buy CEO Corie Barry on the company’s earnings call earlier this week. "The customer ends up bearing some of the cost of the tariffs. These are goods that people need, and higher prices are not helpful."

The price of a new gaming console could increase by nearly 40%, considering only the 10% tariff on all imports and an additional 60% on Chinese goods, as estimated by the CTA. This would raise the average price of a gaming console by $246. This is primarily because China is the major supplier of consoles, accounting for 87% of US video game console imports last year, according to the CTA-commissioned report. There are few alternatives for relocating production, and utilizing the few that exist comes at a high cost. The CTA’s report also estimates that the price of a new smartphone would rise by 26% to $213 and could increase even more if there’s a 25% blanket tariff on imports from Canada and Mexico. Similar to consoles, very few smartphones are manufactured in the US, with China accounting for 78% of US total imports, according to the report. Shifting smartphone production to other countries, including the US, where very few are currently produced, could significantly drive up prices.

One item that tops the list of things that could become more expensive under Trump’s tariffs is e-bikes, according to Lincicome. "I could be somewhat confident that you’re going to see some consumer pain," he said. This is because most e-bikes sold in the US are primarily sourced from China and are already subject to tariffs. Furthermore, "It’s not like Donald Trump is a big fan of going green and e-bikes."