If you’ve been thinking about upgrading your phone, replacing that couch, or restocking household essentials, now might be the time to act. A new round of tariffs announced by former President Donald Trump is set to take effect on August 1, 2025, and it could lead to significant price increases on a wide range of everyday goods.
Trump, who has described the policy shift as a form of economic “liberation” for the U.S., shared the tariff update on July 8 via social media, making it clear that the new rules will be enforced without delay or exceptions. While these tariffs are aimed at foreign imports, the cost will largely be absorbed by U.S. companies—and, ultimately, passed on to consumers.
So what’s likely to get more expensive? Forbes has outlined six key categories where price hikes are expected. Here’s what to know:
1. Smartphones, Laptops, and Electronics
From phones and tablets to printers and headphones, tech products could become more expensive due to higher import costs. Even though it’s unclear how steep the increases will be, the uncertainty alone may prompt companies to raise prices. If you’re planning to buy any electronics soon, doing it before August could save you money.
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