8 Items To Stock Up on Now in Case of Tariff-Induced Shortages
Written by
G. Brian Davis
Edited by
Rebekah Evans
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Plenty of Americans have felt “tariff whiplash” over the last three months, given the speed of policy changes out of the White House.
Amidst all the continued uncertainty, should you stock up on certain goods before tariffs drive up prices? Experts say the answer is yes.
Consider boosting your supply of these items before import taxes make them more expensive — or unavailable entirely.
Medical Supplies
If you need it, buy it now, said Babak Hafezi, founder of Hafezi Capital and professor of international business at American University.
“These shortages may be worse than the ones we experienced during COVID-19 and last longer if we do not resolve the trade war,” Hafezi added.
Pharmaceuticals
The same goes for any pharmaceuticals your family requires. Many active pharmaceutical ingredients come from overseas, especially China and India.
“Consumers should purchase anything that is critical to them ahead of time, because it may become impossible to find,” Hafezi explained. Even prescription and over-the-counter medicines that you can still buy may spike in price as tariffs hit with full force.
Holiday Gifts
Less than 1% of the toys bought in the U.S. are actually produced here, according to AlJazeera.com.
Even more worrying for consumers? Around three-quarters of those toys come from China.
Holiday Decorations
The numbers get even more bleak for Christmas decorations. China produces 87% of America’s Christmas decorations, per Reuters.
In fact, the orders for holiday decor usually come in by now. But with 145% tariffs on imports from China, many U.S. companies have suspended their orders. Even if the world’s two largest economies agree to a trade deal within the next 60 days, it may be too late for companies to catch up on their holiday supplies.
Kitchen Basics
“Measuring cups, spatulas and food storage containers are usually imported and often replaced,” said Deidre Popovich, Professor of Marketing at Texas Tech University.
Import duties will pinch supply and send prices upward, as companies pass the tariffs along to consumers. “Buy extra containers, utensils, and anything that’s looking worse for wear in the kitchen now,” Popovich added.
Food Staples That Last
George Carrillo, CEO of the Hispanic Construction Council, explained just how much of America’s food comes from abroad.
“Grocery staples like tomatoes and avocados from Mexico will become pricier and possibly harder to find, driven by higher import duties and disrupted shipping. The same goes for coffee and chocolate from South America,” he said.
His advice: stock up on essentials that last like olive oil, rice, canned goods and coffee and freeze produce like berries.
Cheap Apparel
Carrillo said most of our (currently) cheap apparel like socks, underwear and shoes come from tariff-hit countries. “Nearly 38 percent of footwear imports to the U.S. come from China alone,” he said.
Popovich also urged consumers to stock up on underwear and other apparel. “Buy basics for growing kids, seasonal transitions, or to replace worn items now,” he explained.
Pet Supplies
If your family includes four-legged members, you may want to stock up on supplies for them too.
“Leashes, grooming tools, toys and even some food packaging rely on imports. Consider doubling up on your go-to items or rotating in some backups now,” Carrillo said.
Maybe the Trump Administration will finalize trade deals with countries like China soon. Or perhaps our everyday essentials will get dramatically more expensive. Consider hedging your bets by buying what you can now.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
Sources
- Babak Hafezi, Hafezi Capita.
- Deidre Popovich, Texas Tech University.
- George Carrillo, Hispanic Construction Council.
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