10 Electronics To Buy Now Before Tariffs Put Them Out of Reach for the Middle Class
The Consumer Technology Association (CTA) released a new report conducted by the Trade Partnership Worldwide (TPW) that details potential price increases for retail buyers. The CTA argues that the tariffs could reduce American consumers' purchasing power by $123 billion.
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Here are 10 electronics with an average retail price that's predicted to increase, according to the report.
Consumers can expect to see smartphone prices rise by about 31% and with a lost consumer spending power of $31.2 billion.
The technology research firm International Data Corporation has lowered its smartphone shipment growth forecast to 0.6% year-over-year citing in part the tariffs.
An entirely U.S.-made iPhone could cost as much as $3,500 compared to its current price of about $800.
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Most batteries and their components currently come from China. The consumer price of lithium-ion batteries could increase 18%.
On top of expected tariffs, there was already a 3.5% tariff on all lithium-ion batteries and a 7.5% tariff on batteries from China that's set to increase to 25% next year.
Retail buyers will need to hear this out: Speaker and headphone phone prices could rise by 22%. An increased cost of lithium batteries and processors, common in headphones, could directly increase production costs.
Consumers can expect to see about a 69% increase for video game consoles prices. This could mean a $428 potential average retail cost increase.
'You need to think hard about what you need to buy now, and what can wait for the tariffs to pass,' said Dr. Jay Zigmont, a certified financial planner who recently decided to buy a new gaming PC in light of the looming impact of tariffs.
Laptops and tablets could increase by 34% with a potential average retail cost increase of $269 for laptops and $152 for tablets.
Many of the most affordable laptops are currently manufactured in China, so a tariff could push even basic models out of reach for budget-conscious shoppers.
Consumers can watch for the price of TVs to rise about 11%.
'Monitors and TVs are affected too because they've been aggressively commoditized,' said Marty Bauer, e-commerce expert at Omnisend. 'People are used to getting large screens at low prices, but those prices are built on thin margins and efficient supply chains.'
The average retail price of monitors are expected to go up by about 32%. A potential average retail cost increase of $111.
The price of connected devices such as routers and modems could rise by 22%.
'They're often overlooked, but they're essential and largely imported,' says Bauer. 'A price hike could not only hurt consumers, but also slow adoption of faster home internet, which in turn would limit access to streaming, remote learning and remote work.'
Computer accessories prices could increase 25% for retail buyers. This could mean a $58 increase for printers. Logitech has raised its prices as much as 25% recently on their PC and gaming accessories, as reported in The Verge.
Tariffs could increase the cost of various individual computer parts. Desktop computer prices could rise by 24% with a potential average retail cost increase of $287.
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This article originally appeared on GOBankingRates.com: 10 Electronics To Buy Now Before Tariffs Put Them Out of Reach for the Middle Class
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