President Trump’s ever-changing tariffs have caused some confusion for Americans, as higher prices and expectations of empty store shelves threaten to change the ways consumers stock up on essentials.
Assuaging concerns among consumers and on Wall Street — at least for the time being — a U.S. agreement with China, announced on Monday by the White House, would effectively reduce the level of U.S. taxes still in place on Chinese goods to about 30% from 145%. China meanwhile, has agreed to cut its tariffs on American goods to 10% from 125%.
President Trump also recently announced a trade agreement with the United Kingdom. Britain says the deal will cut tariffs on U.K. cars from 27.5% to 10% and eliminate tariffs on steel and aluminum. As part of the agreement, a quota of 100,000 U.K. vehicles can be imported to the U.S. at a 10% tariff.
Still, uncertainty reigns. With that in mind, CBS News spoke with shopping expert Trae Bodge, who shared the following tips for consumers who are looking to avoid any added strain on their already strained household budgets.
Look for sales: Start at the sales rack
With summer fast approaching, retailers are likely to advertise Memorial Day sales. Official Memorial Day sales tend to start the weekend before Memorial Day. However, many retailers, including Lands’ End and DreamCloud mattresses, have started hosting sales as early as the beginning of May.
Father’s Day and July 4th sales, along with Amazon Prime Day-scheduled for July, also offer shoppers opportunities to secure discounted retail prices on a range of goods and appliances.
Check where products are from
Not all goods are impacted equally by the tariffs. There is currently a 25% tariff on goods from Canada and Mexico. However, certain products under the U.S.-Mexico-Canada Agreement (USMCA) are exempt. Under the USMCA, most goods traded between the U.S., Mexico and Canada are exempt from tariffs, as long as they meet rules of origin requirements-meaning the product must be made primarily in North America.
Canadian cosmetics company Lush, for example, does not have tariffs on its products.
Purchase domestic products
Certain produce — including tomatoes, bell peppers and cucumbers imported from Mexico — could see price hikes over the coming months. Shoppers should turn to domestically produced staples, like apples, potatoes and oranges to avoid price hikes.
Toilet paper is one item that shoppers shouldn’t be worried about. According to the North Carolina State’s College of Natural Resources, roughly 99% of toilet paper Americans use is made in the United States.
What items will be hit hardest?
Electronics and toys are the most likely to be hit the hardest by tariffs. 80% of toys are imported from China and toy maker Mattel has already warned of increasing prices. Overall, shoppers should consider whether an item is worth purchasing, especially if price hikes are coming.
According to Trae Bodge, shoppers shouldn’t panic shop. Instead, they should consider what items they were already planning on purchasing and possibly move the purchasing timeline up. “So, if your dishwasher is on its last legs and you were thinking about getting one anyway — or your car, your laptop — those are the things that I would think about getting now,” said Bodge. “But, again, not in a panic.”
