President Trump's ever-changing tariffs have caused chaos among Americans as prices and expectations are higher Empty store shelves Threat to change the way consumers stock essentials.
Solve consumer concerns On Wall Street - At least temporarily, the United States and China have reached an agreement. Announced on Monday The White House will effectively reduce the level of Chinese commodity taxation from 145% to about 30%. Meanwhile, China has agreed to reduce its tariffs on U.S. goods from 125% to 10%.
President Trump also recently announced U.K.. The UK said the deal would reduce tariffs on British cars from 27.5% to 10% and eliminate tariffs on steel and aluminum. As part of the agreement, a quota of 100,000 UK vehicles can be imported into the United States at a 10% tariff.
still, Uncertainty rule. With that in mind, CBS News spoke with shopping expert Trae Bodge, who shared the following tips for consumers who want to avoid adding stress to their already stressed family budgets.
As summer approaches quickly, retailers may promote Memorial Day sales. Official anniversary sales often begin on weekends ahead of Memorial Day. However, many retailers, including Lands' End and DreamCloud mattresses, started hosting sales back in early May.
Father’s Day and July 4 sales, as well as Amazon Prime Day-Swulu in July, also offer shoppers the opportunity to secure discounted retail prices on a wide range of merchandise and appliances.
Not all goods are affected by tariffs. Currently levy on goods is 25% Canada and Mexico. However, certain products under the United States-Mexico-Canada Agreement (USMCA) are exempt. Under USMCA, the product must be made primarily in North America, with most commodities between Mexico and Canada exempt from tariffs as long as they comply with the rules of origin.
For example, there are no tariffs on products from Canadian cosmetics company Lush.
Certain agricultural products – including tomatoes, bell peppers and cucumbers imported from Mexico – may raise prices in the coming months. Shoppers should turn to domestically produced staples such as apples, potatoes and oranges to avoid price increases.
Toilet paper is one thing that shoppers don’t have to worry about. According to the North Carolina Institute of Natural Resources, approximately 99% of toilet paper in the United States is used in the United States.
Electronics and toys The biggest hit from tariffs is most likely. 80% of toys are imported from China, and toy maker Mattel has warned of price increases. Overall, shoppers should consider whether it is worth buying, especially when prices rise.
According to Trae Bodge Shoppers should not panic in the store. Instead, they should consider the items they have already planned to purchase and may raise the purchase schedule. "So if your dishwasher is on the last leg and you're thinking about buying one (or your car, laptop) anyway, that's what I think of right now," Borg said. "But, not panic."