Should you buy before tariffs hit?
Panic purchasing may not be in your best interest


To panic purchase or not to panic purchase? That is the question, as uncertainty over President Trump's tariffs — and the future prices of consumer goods, from electronics to appliances to clothing — persists.
Since the situation on tariffs, including when they apply and how much they run, is seemingly evolving by the day, it can understandably feel difficult to know exactly what effects these taxes on foreign goods may have. However, "one thing is for sure: almost everything you buy is getting more expensive," said NBC News, citing Dr. Ross Steinman, a professor of consumer psychology at Widener University.
How much could tariffs affect prices?
It is ultimately "impossible to know exactly how the taxes on imported products and raw materials will impact your finances," said Kiplinger. That said, "experts can venture an educated guess." For example, the Yale Budget Lab projects that price increases that occur as a result of tariffs could "cost the average household $3,800 annually."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Pricing will likely shoot up more in some shopping categories than in others. In particular, it is anticipated that cars, tech, furniture, appliances and clothing will get more costly due to the planned tariffs.
Is it smart to stock up ahead of tariffs?
Even though tariffs are likely to drive up costs, that does not necessarily mean you should start shopping to try to get ahead of them. For one, no one can predict precisely what the impact of tariffs will be. "We don't know how countries are going to react to the U.S. tariffs, or how much courage Mr. Trump will have in maintaining them," said The New York Times.
In other words, "when it comes to larger purchases like cars or home appliances, if you don't need a replacement immediately, it may be wise to wait and see what price swings actually look like," said CNBC Make It, citing Lawrence Sprung, a certified financial planner based in Long Island, New York.
Secondly, introducing panic to your purchasing is not a recipe for sound decision-making. Instead, it could "cause you to spend over your budget or take on debt," said Kiplinger.
How should you financially navigate tariff uncertainty?
If panic buying is not the answer to the ongoing uncertainty over tariffs, then what is? There are a number of things consumers can consider doing:
Make repairs instead of simply replacing. This can especially make a difference for "big-ticket items, such as cars or appliances," said Kiplinger.
Opt for store brands. Instead of buying name-brand, "switch to store brands, which tend to cost less, for everyday essentials like groceries, paper goods and cleaning products," said CNBC Select.
Keep your eyes peeled for savings as they come. For example, in early April, "Ford dropped many prices, seeking headlines and competitive advantage," said the Times. These types of deals may not stick around for long.
Consider buying domestically produced goods. This shopping strategy can be particularly beneficial when it comes to items that could get hit hard by tariffs.
Focus on the financial basics. Pay attention to what you "can control" when it comes to your finances, like "bolstering your emergency fund and reviewing your budget," said CNBC Make It.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.
-
Learning loss: AI cheating upends education
Feature Teachers are questioning the future of education as students turn to AI for help with their assignments
-
Why Iranian cities are banning dog walking
Under The Radar Our four-legged friends are a 'contentious topic' in the Islamic Republic
-
Andrea Long Chu's 6 favorite books for people who crave new ideas
Feature The book critic recommends works by Rachel Cusk, Sigmund Freud, and more
-
Average retirement savings by age: how do you stack up?
The Explainer Determine whether you're being appropriately frugal or going overboard
-
What to know about the 'no tax on tips' policy
The Explainer The new bill would make tip income exempt from federal income taxes
-
Withdrawing 529 plan funds for college? Here's what to know.
the explainer Maximize the amount you have stashed away for your education
-
US credit rating: what it is and why it matters
the explainer Credit rating agency Moody's downgraded the US last month
-
What to know before 'buying the dip'
the explainer Purchasing a stock once it has fallen in value can pay off — or cost you big
-
Is it worth appealing your property tax assessment?
The Explainer What to do if your property tax bill seems too high
-
3 tips for coping with financial stress
The explainer Feel more at peace in an unpredictable economy
-
4 ways to brush up on your personal finance knowledge
The Explainer It's never too late to improve your financial literacy