President Trump’s shifting tariff policies have left many Americans uncertain, as rising prices and potential product shortages threaten to impact how households shop for everyday essentials.
Offering temporary relief, the White House announced on Monday that the U.S. and China have reached a new trade agreement that will significantly lower tariffs on each other’s goods. Under the deal, the average U.S. tariff on Chinese imports will drop from 145% to around 30%, while China will reduce tariffs on American goods from 125% to 10%.
Separately, the U.S. has also finalized a trade agreement with the United Kingdom. The deal cuts tariffs on U.K. vehicles from 27.5% to 10% and eliminates duties on steel and aluminum. Additionally, a quota of 100,000 U.K. cars can be imported annually into the U.S. at the reduced rate.
Despite these developments, economic uncertainty persists. To help consumers navigate rising costs and avoid unnecessary strain on their budgets, CBS News consulted shopping expert Trae Bodge, who shared practical strategies for smart spending.
1. Shop Sales Strategically
Bodge recommends taking advantage of upcoming seasonal sales. Memorial Day sales often begin in early May, with retailers like Lands’ End and DreamCloud mattresses already offering significant discounts.
Other big sale events to watch for include Father’s Day, Fourth of July promotions, and Amazon Prime Day, scheduled for July. These events offer opportunities to save on a wide range of goods, from electronics to home appliances.
2. Check Product Origins
Not all goods are affected equally by tariffs. While some Canadian and Mexican imports face a 25% tariff, many items are exempt under the U.S.-Mexico-Canada Agreement (USMCA), provided they meet certain origin criteria—meaning the majority of the product must be made in North America.
For example, Canadian cosmetics company Lush is not subject to tariffs under the USMCA, making its products a budget-friendly option.
3. Buy American-Made Products
Some imported food items, such as tomatoes, bell peppers, and cucumbers from Mexico, may become more expensive in the coming months. Consumers can avoid price hikes by opting for domestically grown produce like apples, oranges, and potatoes.
Toilet paper, a household essential, is one item shoppers don’t need to worry about. According to North Carolina State University’s College of Natural Resources, about 99% of toilet paper used in the U.S. is produced domestically.
4. Be Aware of Items Most Affected
Electronics and toys are likely to see the most significant price increases. With roughly 80% of toys imported from China, companies like Mattel have already warned consumers about potential cost hikes.
Bodge advises shoppers to think ahead rather than panic. “If your dishwasher is on its last legs or your laptop is about to give out, now may be a good time to buy,” she said. “But there’s no need to panic-buy. Focus on purchases you were already planning to make and consider moving up your timeline.”
Source: https://www.cbsnews.com/news/saving-money-trump-tariffs-consumer-tips/
