Trump’s new 10% tariff on Chinese imports could raise prices for electronics, clothing, cars, and home appliances in the US.
In Short
President Trump has imposed a 10% tariff on imports from China, potentially increasing costs for US consumers on electronics, clothing, cars, and appliances. The National Retail Federation urges negotiations to mitigate price hikes while analysts predict significant increases in product prices.
President Donald Trump has implemented an additional 10% tariff on imports from China, which could potentially rise further.
This move is likely to result in higher prices for various goods in the US, particularly consumer electronics, clothing and textiles, cars, and home appliances.
In 2023, the US imported $427 billion worth of goods from China. Notably, consumer electronics sales included substantial imports of cellphones and laptops. The Consumer Technology Association estimates that tariffs could raise laptop prices by up to 68%, video game consoles by 58%, and smartphones by 37%.
In clothing and textiles, imports amounted to $19.6 billion in 2023. Retailers may increase prices of apparel and accessories due to these tariffs.
Cars are affected as well, with US imports of car parts valued at $14.6 billion. Analysts suggest that domestic automakers sourcing parts from China may be compelled to raise prices.
Home appliances also face price increases. The National Retail Federation projected that the average price of a basic fridge could rise from $650 to $776.
The NRF has urged all parties to negotiate solutions to strengthen trade relations and avoid passing costs on to American consumers.