Social media feeds are overflowing with users urging people to stock up on certain products in case President-elect Donald Trump imposes new tariffs once he takes office in January 2025, but even if his campaign promises go through, it could take considerable time before impacts are felt.
Chief U.S. economist at Oxford Economics, Ryan Sweet, reminded American consumers, “There’s no reason to panic — tariffs don’t take effect immediately.”
“Even if President Trump signs an executive order on day one, you’re looking towards the tail end of next year, early 2026 before you start to see these prices hike,” he said.
Close up of a woman shopping for clothes online using a mobile phone app.
STOCK PHOTO/Adobe Stock
Walmart, the world’s largest retailer, told ABC News it is worried that the possibility of higher tariffs under the next administration could lead to higher prices for consumers, at a time when many are already feeling the impact of lingering inflation.
The warning videos trickling in on TikTok show creators voicing concerns of possible price increases on items, which has prompted some shoppers to stock up now, if the president-elect’s signature promise goes into effect.
Trump has vowed to impose up to 20% tariffs on all products coming into the U.S. and 60% on goods from China.
President-elect Donald Trump speaks at meeting of the House GOP conference, Nov. 13, 2024, in Washington.
Alex Brandon/AP
Big railers like Walmart and Lowe’s are warning those higher import costs could force them to raise prices for customers.
Small businesses are worried, too, including Lisa Jae-Eggert the co-founder of 3 Moms Organics.
“With these tariffs, there’s really going to be a higher cost to me. And ultimately it’s gonna fall on the shoulders of the consumer,” she explained.
VIDEO: Influencers warn shoppers to stock up before Trump’s tariffs potentially raise prices
ABCNews.com
The National Retail Federation has reported that clothes, toys, furniture, household appliances, footwear and travel goods are at risk. The retail group has estimated that the price of a $40 toaster oven could go up to $52 with tariffs under President Trump. Another example, a $50 pair of sneakers could cost $62.
Trump’s transition team has disputed the idea that tariffs will lead to higher prices and said that the goal is to incentivize people to buy more products in the U.S. instead of abroad.
Retailers plan out inventory months in advance so shelves will be plenty stocked at current price levels, or maybe even lower, this holiday shopping season.