6 Things To Buy Before Trump’s Inauguration in January
Written by
Sarah Sharkey
Edited by
Amber Barkley
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President-elect Donald Trump is scheduled to be sworn into office again during the 60th Presidential Inauguration on Jan. 20, 2025. On the campaign trail, Trump indicated his intention to institute sweeping tariffs to replace income taxes.
A tariff boils down to a tax imposed by the government on imported goods. He proposed a 60% tariff on goods imported from China and tariffs of up to 20% on everything else the U.S. imports. For some goods, his proposed tariffs may be even higher.
Ultimately, tariffs mean that certain goods may get more expensive for consumers. Explore what things to consider buying before Inauguration Day to potentially avoid a price hike.
Electronics
Since many electronics, like the iPhone, are manufactured in China, tariffs on Chinese goods would mean higher prices for many kinds of electronics. Beyond smartphones, the tariffs could impact the price of TVs, computers, smart home devices and more.
If you’ve been eyeing a particular electronic, now might be the time to jump on holiday sales. But if you weren’t planning to make an electronics purchase, there’s no need to rush out and buy the latest models.
Appliances
Some economists foresee home appliances, like washing machines and refrigerators, seeing higher price points. If appliances rise in price by around 20%, that could add hundreds of dollars to the price tag for households.
If you’ve been meaning to replace a particular appliance for a long time, it might be time to bite the bullet. With tariffs on the horizon, check out holiday sales to potentially find a replacement in the near-term.
Vehicles
Tariffs on metals, like aluminum and steel, may add several hundred dollars to the price of a vehicle. For consumers currently shopping for a vehicle, the importance of buying soon may increase. But for drivers with a vehicle that gets the job done, it’s probably not necessary to buy a new vehicle in anticipation of higher prices.
Furniture
The National Retail Federation predicts that consumers will pay between $8.5 to $13.1 billion more for furniture if Trump’s tariff policy is implemented. For households planning to update a furniture item in the near future, this could be the right time to make your move.
Apparel
If you’ve been planning to replace an outdated or worn out piece of clothing, consider shopping the holiday sales to finalize your purchase. The National Retail Federation expects that consumers will pay between $13.9 billion to $24 billion more for apparel.
Plus, the organization expects consumers to pay between $6.4 billion to $10.7 billion more for footwear. For some, this could mean a significant hit to their budget. For example, regular runners who go through multiple pairs of running shoes per year might want to stock up on their preferred shoe to lock in a lower price point.
Toys
The National Retail Federation expects consumers to pay between $8.8 billion to $14.2 billion more for toys. For families with young children, this could put a strain on budgets. Throughout the holiday season, you might consider buying toys on sale to put away for the year to come.
Takeaway
Trump has signaled a desire to impose more tariffs on imported goods. Based on the way the economy is structured, this will likely lead to higher prices for select goods.
As a consumer, looking ahead can help you lock in savings on items you need by buying them ahead of the inauguration. However, it’s generally a good idea to avoid overconsuming for the sake of your financial situation. If possible, only move forward with purchases you planned on committing to in the next year or so anyway.
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.
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