If you’ve been holding off on that big purchase — whether it’s a new couch or your next iPhone — you might want to act fast. Major price hikes are on the horizon.
President Donald Trump is charging ahead with a sweeping new round of tariffs set to take effect next month, and the impact on everyday American consumers could be huge.
His second term has already been marked by aggressive trade moves, and while he’s labeled the initiative ”Liberation Day” for the U.S., the fallout is expected to hit shoppers where it hurts: their wallets.
6 key items
“As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted. Thank you for your attention to this matter,” Trump wrote on Truth Social on July 8.
Despite what many people think, tariffs aren’t actually paid by foreign countries or their companies. Instead, it’s American importers — U.S. businesses bringing goods in from abroad — who foot the bill. That means the cost of these new tariffs will fall directly on U.S. companies, not overseas manufacturers.
Forbes has rounded up six key items you should seriously consider buying now —before they get a lot more expensive.
1. Smartphones, laptops, TVs, and more
Thinking about upgrading your phone or finally replacing that old laptop? Do it soon. While the exact impact of the tariffs on tech isn’t 100% clear, Forbes warns that uncertainty alone could drive prices up.
“There is a lot of uncertainty on if such tech does see price hikes because of tariffs, so to avoid any worries, it’s advised you make that big purchase soon,” they noted.
Even basic electronics like printers or computer accessories could see price increases once the tariffs kick in.
2. Furniture
Get ready to pay more for your home furnishings. According to the Alliance for American Manufacturing, roughly 75% of all furniture sold in the U.S. is made overseas. That means imported items like dining tables, office desks, and even bed frames are all about to get pricier.
Unless domestic manufacturing suddenly ramps up, expect sticker shock on your next furniture run.
3. Shoes, towels, and summer gear
You might not think of shoes and shorts as tariff targets — but they are.
Many textiles and apparel items are manufactured overseas, and that includes things you use every single day. “Men’s shorts, crossbody bags, and bath towels” are just a few of the items Forbes reports could be affected by the new tariffs.
So if you’re eyeing a wardrobe refresh, don’t wait too long.
4. Everyday groceries could see price spikes
This one hits everyone. The U.S. imported over $45 billion in food and agricultural goods from Mexico in 2023, including two-thirds of all vegetables and nearly half of all fruits and nuts.
Tariffs on these products will likely be passed straight to consumers, meaning grocery bills are set to climb.
As Forbes warns: “Food is perhaps the most important item that will see an increase.”
5. Washing machines and refrigerators
Big-ticket home items have already been affected by previous tariffs, with steel-based products like washers and fridges hit by a 50% import tax.
But the next wave of tariffs could push prices even higher. If you’re planning a kitchen remodel or need to replace that old dishwasher, acting now could save you hundreds.
6. Medicines
Donald Trump announced Tuesday that his administration plans to slap a 200% tariff on pharmaceuticals coming into the U.S. — a dramatic move that could kick in within a year and impact nearly $200 billion worth of imports.
If the policy goes through, it could trigger a massive shake-up in the pharmaceutical market. In 2024 alone, the U.S. brought in $212 billion worth of pharmaceuticals, making it the country’s fifth-largest import category.
And while the move is being framed as a way to boost domestic manufacturing, the reality is that American consumers would likely foot the bill. Higher costs for importers could easily translate to higher prices at the pharmacy counter for everyday Americans.
Bottom line: Buy smart before the surge
Whether you’re restocking the pantry or planning a major electronics splurge, the next few weeks may be your last chance to do it affordably.
Trump’s upcoming tariffs are likely to raise prices across multiple categories, hitting American households hard.
Keep an eye on updates from the White House and retailers — some may run sales to move inventory before the tariffs take hold.
