It's time to consider buying electric vehicles, laptops, and smartphones before Trump's tariffs.

Price increases are anticipated for a variety of products in the U.S. due to potential trade policies of the upcoming Donald Trump administration. If plans to impose blanket tariffs on imports are implemented, American consumers are expected to face significant price hikes. During his presidential campaign, Trump mentioned a 25% tariff on imports from Mexico and Canada, as well as a 10% tariff on Chinese imports. He also included the possibility of an additional 10% tariff on all imports, and a specific 60% tariff on goods coming from China.

Although the final details of the tariffs are uncertain, consumers are warned that retailers may be using this situation to boost their end-of-year sales. Analysts and economists suggest that, indeed, tariffs are coming, which could particularly impact the prices of certain consumer goods. The automotive industry is among the most affected. The three major U.S. automakers—GM, Ford, and Stellantis—heavily rely on plants in Mexico and Canada for their production. It is estimated that around 15% of new vehicles sold in the U.S. last year came from Mexico and 8% from Canada. According to Mexican Economy Minister Marcelo Ebrard, 88% of the pickup trucks from the Big Three are imported from Mexico, which could raise the average price of these trucks in the U.S. by approximately $3,000.

Wells Fargo analysts predict that vehicles produced entirely in Canada and Mexico will see price increases ranging from $8,000 to $10,000. Meanwhile, U.S.-assembled cars will also be affected, with expected increases of around $2,100. Furthermore, electric vehicles (EVs) are at risk of facing a significant price increase, as they may lose the federal tax credit of $7,500 offered by the Biden administration, potentially resulting in an average price increase of 20% for an EV.

Beyond the automotive sector, the National Retail Federation (NRF) forecasts considerable price increases for other electronic products, such as laptops and tablets, major appliances, video game consoles, and smartphones. Based on Trump’s promised tariffs, the NRF anticipates that the average cost of an appliance will rise by 19.4%. Laptops and tablets may experience even greater increases, estimated to rise by at least 45%. Similarly, the price of a new video game console could increase by nearly 40%, and smartphones by 26%.