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Yahoo
06-07-2025
- Business
- Yahoo
7 Kid Items To Stock Up on Before Tariff-Induced Shortages
If you've been following the news in recent months, you've probably heard a lot about higher tariffs being imposed on imported goods — especially those from Mexico, China and Canada. As a parent, you may also be wondering which kids items to stock up on before the stores run out. We're a Family of 5 Living on One Salary: Check Out: While you should only ever buy what you need, some experts believe it might be wise to make some purchases now — just in case those items disappear or skyrocket in price. Many kids toys (approximately 85% of those sold in the U.S., according to the Toy Association) are manufactured in China — one of the countries that'd be hit hardest by rising tariffs. Aaron Razon, personal finance expert at Couponsnake, said toys made in China are most likely to be in short supply due to proposed tariffs. This includes things like action figures, LEGO sets and Barbie dolls. These toys could also become more expensive — if you're even likely to find them on the shelves. Explore More: There could be a scarcity in kids' clothes, too, especially with back-to-school shopping. Razon said that coats, boots and other seasonal accessories could be harder to find. The same could be said for accessories like socks and underwear. But don't stock up out of fear. Only buy the things you already need for your kids. If consumers start to panic buy, retailers could potentially increase their prices accordingly. Some, especially online retailers, might also place limits on how much shoppers can purchase. Along those same lines, consider buying footwear — like athletic shoes or sandals — for your kids. Just don't go overboard with it. 'I think stocking up on these items could backfire on parents if everyone starts buying in bulk in anticipation of a shortage,' said Razon. 'I mean, apart from the fact that this could lead to a surge in demand, and potentially exacerbate the very shortage they are trying to prepare for, there is also the fact that it could lead to wasted resources.' Are you in the market for a new gaming console for your kids? You might only need the one console, but now could be a good time to buy. 'Tariffs affect kids and youth particularly hard since most toys, electronics and clothing are manufactured overseas, including gaming consoles,' said Liam Hunt, Director of Research at That's because many of these items are made in China and Southeast Asia. Gaming consoles aren't the only thing to consider buying. A lot of tech and accessories imported from abroad could become more expensive or see limited stock. Hunt suggested shopping early if you're looking for holiday gifts since prices will likely increase. Supply also tends to drop around these busier times. Tariffs have a trickle-down effect on both prices and availability. Things like bikes, scooters and backyard playground equipment could be in short supply due to tariffs. So, if you're in the market for any of these things, now might be the time to buy. 'It would be wise for parents to stock up on big-ticket items,' said Hunt. 'But avoid hoarding everyday items.' Do you have a little one on the way? Or are you already a proud parent (or grandparent, or aunt or uncle)? If so, you might want to grab essential baby gear like strollers or high chairs now. Razon said the availability of these items could also be impacted by tariffs. More From GOBankingRates These Cars May Seem Expensive, but They Rarely Need Repairs This article originally appeared on 7 Kid Items To Stock Up on Before Tariff-Induced Shortages
Yahoo
14-06-2025
- Business
- Yahoo
5 Ways Tariffs May Affect Your Budget If You Earn a Low Income
With tariffs wavering back and forth, it's critical to know how these changes can affect your budget. Especially if you're in a lower income bracket, even a small hike in prices can negatively impact your entire month's budget by putting more strain on the already expensive prices. Trending Now: Explore Next: Understanding those changes can help you plan accordingly and, ideally, avoid taking too big of a hit. To that end, GOBankingRates spoked to some experts on the economy for insight into what the future might hold regarding the effects of tariffs — below is what they had to say. There was once a time when people thought of imported goods as fine wine, art or high-end furniture. You may import a luxury vehicle. Of course, no one on a tight budget was thinking about these types of luxury imports. But today, virtually anything and everything can be imported and if it's imported, it will have a tariff. This means higher prices and less purchasing power for your budget. Read Next: 'Pretty much all goods manufactured today are to varying degrees important — there is, for example, no car made in the US and entirely of U.S.-origin parts,' said Dr. Brandon Parsons, economist at Pepperdine Graziadio Business School. 'The tariffs that are going to sneak up on lower-income Americans will be the ones on food — meat, fresh fruits and vegetables and specialty food items,' he added. 'And the most hidden tariff impact will be on processed foods that incorporate imported foodstuffs — think tomato sauce made with Mexican or Canadian tomatoes.' Some have assumed in recent months that companies distributing goods will absorb the cost of these tariffs. But nothing could be further from the truth. 'As Walmart and a growing number of retailers have made very clear, the cost of tariffs will be passed along to consumers,' Parsons said. This means you'll have less purchasing power with your budget. reported that only 10 percent of businesses did not intend to pass along any of the tariff costs to their consumers. What this means for the low-income budget, then, is that items people need to buy will now cost significantly more than they used to. Most people living on low incomes are already struggling to make ends meet, often living paycheck to paycheck. These tariffs will make budgeting for basic, everyday necessities hard. 'Another reason is lower-income families will often live paycheck to paycheck and have a smaller (potentially no) cushion to absorb these higher costs. Without the ability to cover the higher costs created by the tariffs, lower-income families will be forced to adjust what they can purchase to a greater extent than their higher-income counterparts,' said Dr. Wayne Winegarden, senior fellow of business and economics at the Free Market Pacific Research Institute and director of PRI's Center for Medical Economics and Innovation. 'Compounding these problems, the recent bout of inflation has created a huge affordability problem that harmed lower-income families to a greater extent than higher-income ones,' Winegarden added. 'The tariffs will worsen the current affordability problem and further destabilize the household budgets of lower-income and working families.' Of course, families still have to eat, put a roof over their heads, buy clothes and perhaps get gifts for their kids on birthdays and important holidays. So, if they don't have the budget on hand to make these purchases, you may choose to go into debt rather than cut out the necessities, which can turn bad really fast. 'If purchases are for essentials, forgoing them is not an option and debt can result. This can trigger a downward financial spiral, where persistent budget shortfalls lead to rising credit card balances, which in turn eat up more of a household's limited disposable income,' Parsons explained. 'Finally, tariffs are regressive, like sales tax, since individuals pay the same price for a product regardless of their income. This means tariffs carry a heavier burden on those with less income to spare.' It becomes a vicious cycle for low-income families who may end up in a spiral they cannot pull themselves out of and with no end in sight. There's no reason to expect incomes to rise or for tariffs to drop. And housing costs are not going anywhere but up for people in these situations. From there, the drop into homelessness is not far, according to a study by the University of California, San Fransisco. If you can't afford food and you can't pay your bills, you can't pay your rent with your low-income budget, the next natural step is eviction. The effects are serious, life-altering and can be devastating. 'From a legal perspective, tariffs are within the government's authority under the Commerce Clause, a portion of the Constitution that assigns to the federal government the power to regulate commerce, but they can spark lawsuits if misapplied,' said Seann Malloy, founder and managing partner of Malloy Law Offices. 'Low-income and working-class families that simply can't absorb a 15% price hike on imported groceries may be subject to evictions or ruined credit, clogging our courts with cases I frequently litigate,' Malloy added. 'Equal protection challenges could stem from relief programs that exclude some groups. It is important to push for transparent tariff impact assessments and the expansion of legal aid to protect vulnerable clients' The best thing working-class people can do right now is to cut spending as much as possible to live well below their means. It's also a good idea to take on a side gig or hustle that will increase their income, allowing them to start investing in themselves and growing their wealth. This can help create a more stable living situation that will help keep them in their homes and purchasing the necessities for their families. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard How Much Money Is Needed To Be Considered Middle Class in Every State? Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on 5 Ways Tariffs May Affect Your Budget If You Earn a Low Income
Yahoo
14-06-2025
- Business
- Yahoo
5 Ways Tariffs May Affect Your Budget If You Earn a Low Income
With tariffs wavering back and forth, it's critical to know how these changes can affect your budget. Especially if you're in a lower income bracket, even a small hike in prices can negatively impact your entire month's budget by putting more strain on the already expensive prices. Trending Now: Explore Next: Understanding those changes can help you plan accordingly and, ideally, avoid taking too big of a hit. To that end, GOBankingRates spoked to some experts on the economy for insight into what the future might hold regarding the effects of tariffs — below is what they had to say. There was once a time when people thought of imported goods as fine wine, art or high-end furniture. You may import a luxury vehicle. Of course, no one on a tight budget was thinking about these types of luxury imports. But today, virtually anything and everything can be imported and if it's imported, it will have a tariff. This means higher prices and less purchasing power for your budget. Read Next: 'Pretty much all goods manufactured today are to varying degrees important — there is, for example, no car made in the US and entirely of U.S.-origin parts,' said Dr. Brandon Parsons, economist at Pepperdine Graziadio Business School. 'The tariffs that are going to sneak up on lower-income Americans will be the ones on food — meat, fresh fruits and vegetables and specialty food items,' he added. 'And the most hidden tariff impact will be on processed foods that incorporate imported foodstuffs — think tomato sauce made with Mexican or Canadian tomatoes.' Some have assumed in recent months that companies distributing goods will absorb the cost of these tariffs. But nothing could be further from the truth. 'As Walmart and a growing number of retailers have made very clear, the cost of tariffs will be passed along to consumers,' Parsons said. This means you'll have less purchasing power with your budget. reported that only 10 percent of businesses did not intend to pass along any of the tariff costs to their consumers. What this means for the low-income budget, then, is that items people need to buy will now cost significantly more than they used to. Most people living on low incomes are already struggling to make ends meet, often living paycheck to paycheck. These tariffs will make budgeting for basic, everyday necessities hard. 'Another reason is lower-income families will often live paycheck to paycheck and have a smaller (potentially no) cushion to absorb these higher costs. Without the ability to cover the higher costs created by the tariffs, lower-income families will be forced to adjust what they can purchase to a greater extent than their higher-income counterparts,' said Dr. Wayne Winegarden, senior fellow of business and economics at the Free Market Pacific Research Institute and director of PRI's Center for Medical Economics and Innovation. 'Compounding these problems, the recent bout of inflation has created a huge affordability problem that harmed lower-income families to a greater extent than higher-income ones,' Winegarden added. 'The tariffs will worsen the current affordability problem and further destabilize the household budgets of lower-income and working families.' Of course, families still have to eat, put a roof over their heads, buy clothes and perhaps get gifts for their kids on birthdays and important holidays. So, if they don't have the budget on hand to make these purchases, you may choose to go into debt rather than cut out the necessities, which can turn bad really fast. 'If purchases are for essentials, forgoing them is not an option and debt can result. This can trigger a downward financial spiral, where persistent budget shortfalls lead to rising credit card balances, which in turn eat up more of a household's limited disposable income,' Parsons explained. 'Finally, tariffs are regressive, like sales tax, since individuals pay the same price for a product regardless of their income. This means tariffs carry a heavier burden on those with less income to spare.' It becomes a vicious cycle for low-income families who may end up in a spiral they cannot pull themselves out of and with no end in sight. There's no reason to expect incomes to rise or for tariffs to drop. And housing costs are not going anywhere but up for people in these situations. From there, the drop into homelessness is not far, according to a study by the University of California, San Fransisco. If you can't afford food and you can't pay your bills, you can't pay your rent with your low-income budget, the next natural step is eviction. The effects are serious, life-altering and can be devastating. 'From a legal perspective, tariffs are within the government's authority under the Commerce Clause, a portion of the Constitution that assigns to the federal government the power to regulate commerce, but they can spark lawsuits if misapplied,' said Seann Malloy, founder and managing partner of Malloy Law Offices. 'Low-income and working-class families that simply can't absorb a 15% price hike on imported groceries may be subject to evictions or ruined credit, clogging our courts with cases I frequently litigate,' Malloy added. 'Equal protection challenges could stem from relief programs that exclude some groups. It is important to push for transparent tariff impact assessments and the expansion of legal aid to protect vulnerable clients' The best thing working-class people can do right now is to cut spending as much as possible to live well below their means. It's also a good idea to take on a side gig or hustle that will increase their income, allowing them to start investing in themselves and growing their wealth. This can help create a more stable living situation that will help keep them in their homes and purchasing the necessities for their families. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on 5 Ways Tariffs May Affect Your Budget If You Earn a Low Income Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-06-2025
- Business
- Yahoo
5 Ways Tariffs May Affect Your Budget If You Earn a Low Income
With tariffs wavering back and forth, it's critical to know how these changes can affect your budget. Especially if you're in a lower income bracket, even a small hike in prices can negatively impact your entire month's budget by putting more strain on the already expensive prices. Trending Now: Explore Next: Understanding those changes can help you plan accordingly and, ideally, avoid taking too big of a hit. To that end, GOBankingRates spoked to some experts on the economy for insight into what the future might hold regarding the effects of tariffs — below is what they had to say. There was once a time when people thought of imported goods as fine wine, art or high-end furniture. You may import a luxury vehicle. Of course, no one on a tight budget was thinking about these types of luxury imports. But today, virtually anything and everything can be imported and if it's imported, it will have a tariff. This means higher prices and less purchasing power for your budget. Read Next: 'Pretty much all goods manufactured today are to varying degrees important — there is, for example, no car made in the US and entirely of U.S.-origin parts,' said Dr. Brandon Parsons, economist at Pepperdine Graziadio Business School. 'The tariffs that are going to sneak up on lower-income Americans will be the ones on food — meat, fresh fruits and vegetables and specialty food items,' he added. 'And the most hidden tariff impact will be on processed foods that incorporate imported foodstuffs — think tomato sauce made with Mexican or Canadian tomatoes.' Some have assumed in recent months that companies distributing goods will absorb the cost of these tariffs. But nothing could be further from the truth. 'As Walmart and a growing number of retailers have made very clear, the cost of tariffs will be passed along to consumers,' Parsons said. This means you'll have less purchasing power with your budget. reported that only 10 percent of businesses did not intend to pass along any of the tariff costs to their consumers. What this means for the low-income budget, then, is that items people need to buy will now cost significantly more than they used to. Most people living on low incomes are already struggling to make ends meet, often living paycheck to paycheck. These tariffs will make budgeting for basic, everyday necessities hard. 'Another reason is lower-income families will often live paycheck to paycheck and have a smaller (potentially no) cushion to absorb these higher costs. Without the ability to cover the higher costs created by the tariffs, lower-income families will be forced to adjust what they can purchase to a greater extent than their higher-income counterparts,' said Dr. Wayne Winegarden, senior fellow of business and economics at the Free Market Pacific Research Institute and director of PRI's Center for Medical Economics and Innovation. 'Compounding these problems, the recent bout of inflation has created a huge affordability problem that harmed lower-income families to a greater extent than higher-income ones,' Winegarden added. 'The tariffs will worsen the current affordability problem and further destabilize the household budgets of lower-income and working families.' Of course, families still have to eat, put a roof over their heads, buy clothes and perhaps get gifts for their kids on birthdays and important holidays. So, if they don't have the budget on hand to make these purchases, you may choose to go into debt rather than cut out the necessities, which can turn bad really fast. 'If purchases are for essentials, forgoing them is not an option and debt can result. This can trigger a downward financial spiral, where persistent budget shortfalls lead to rising credit card balances, which in turn eat up more of a household's limited disposable income,' Parsons explained. 'Finally, tariffs are regressive, like sales tax, since individuals pay the same price for a product regardless of their income. This means tariffs carry a heavier burden on those with less income to spare.' It becomes a vicious cycle for low-income families who may end up in a spiral they cannot pull themselves out of and with no end in sight. There's no reason to expect incomes to rise or for tariffs to drop. And housing costs are not going anywhere but up for people in these situations. From there, the drop into homelessness is not far, according to a study by the University of California, San Fransisco. If you can't afford food and you can't pay your bills, you can't pay your rent with your low-income budget, the next natural step is eviction. The effects are serious, life-altering and can be devastating. 'From a legal perspective, tariffs are within the government's authority under the Commerce Clause, a portion of the Constitution that assigns to the federal government the power to regulate commerce, but they can spark lawsuits if misapplied,' said Seann Malloy, founder and managing partner of Malloy Law Offices. 'Low-income and working-class families that simply can't absorb a 15% price hike on imported groceries may be subject to evictions or ruined credit, clogging our courts with cases I frequently litigate,' Malloy added. 'Equal protection challenges could stem from relief programs that exclude some groups. It is important to push for transparent tariff impact assessments and the expansion of legal aid to protect vulnerable clients' The best thing working-class people can do right now is to cut spending as much as possible to live well below their means. It's also a good idea to take on a side gig or hustle that will increase their income, allowing them to start investing in themselves and growing their wealth. This can help create a more stable living situation that will help keep them in their homes and purchasing the necessities for their families. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard These Cars May Seem Expensive, but They Rarely Need Repairs I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money This article originally appeared on 5 Ways Tariffs May Affect Your Budget If You Earn a Low Income 登入存取你的投資組合
Yahoo
09-06-2025
- Business
- Yahoo
What parts of a wedding budget are tariffs affecting? We explain
Corrections & clarifications: An earlier version of this story misidentified the year covered by a survey. It has been corrected in the story. As a florist, Allison Krivachek is doing her best to navigate tariff increases to imported flowers to keep costs for her brides and grooms down. As a bride-to-be, Krivachek is also trying to make choices to keep her July wedding budget from increasing. Brides, grooms and wedding vendors are in similar boats as prices for imported goods and tariffs add more costs to an already expensive life event. Many different aspects of the wedding day will be affected by tariffs, including alcohol, flowers, the wedding dress and goods such as centerpiece decorations if they are imported, according to The Knot, a wedding website. As much as 80% of cut flowers are imported from other countries and 90% of wedding gowns sold in the U.S. are imported, according to The Knot, which could hike up wedding costs. In a survey of 741 engaged brides and grooms users of The Knot, shared exclusively with USA TODAY, 73% of couples said keeping costs within their budget were the top concern, while 46% said economic factors such as inflation were a major concern. Thirty-four percent were concerned about the rising costs of goods that could impact weddings though price changes specifically due to tariffs were less of a concern with 15% of couples mentioning it. More than half of engaged couples (58%) said they hadn't seen tariffs impact their weddings yet, but 36% said they were making changes to their plans due to economic stress. Of those couples, 22% are adjusting their budgets while 68% said they were increasing their budgets. Rather than cutting back, many couples responded to the concerns of looming tariffs by taking the proactive steps like booking early and consulting pros. About 1 in 3 couples are purchasing items earlier to lock in pricing. Many are opting for U.S.-made or local products to offset import costs. 28% of couples are slightly reducing guest count by an average 25 people, or 12 couples, not wanting to sacrifice the guest experience (average 112 guests). Vendors are good about helping couples figure out ways to make changes to suit their budget or plan for increases, said Lauren Kay, executive editor of The Knot. "They want to help you have the best wedding ever and they want to help you pull that off, whether that's avoiding a tariff or making a trade off so your budget isn't terribly impacted," Kay told USA TODAY. Couples do not seem to be panicking, Kay said, as they deal with another moment in wedding planning. "It's not so much of a concern about the tariffs, itself, but just thinking about how we are going to plan our weddings and stay within budget with all of the economic factors that we're facing today," she said. The average U.S. wedding in 2024 costs $33,000, down slightly from $35,000 for 2023, according to The Knot's Real Weddings 2025 Study. Some vendors, like Krivachek, are already starting to see those increases. "When they first came out, it was like, oh my gosh, this is going to be really devastating. We were seeing anywhere from 10% to 25%, and when you're talking about a wedding in flowers, when it's $5,000 plus, that 10% to 25%... really adds up quickly," said Krivachek, referring to the average floral budget for weddings. Some suppliers have also used the tariff news to unfairly raise prices as much as double, Krivachek said. A lot of florists and couples have been panicking on how to offset tariff increases and checking contract language, which may allow vendors to raise prices due to market fluctuations, she said. Krivachek said she and other wedding vendors learned during the COVID-19 pandemic that they had to include a clause in their contracts to allow for unexpected market pricing fluctuations. She added she's communicated with consumers about other options, rather than pass tariff-related prices to prospective brides and grooms. "They can either up their budget to keep everything the same or we can sub with local varieties, which I've been loving and it's really been a positive thing for local growers," Krivachek said. She has told some brides, especially those with winter weddings, that if their heart is set on a particular type of flower that cannot be grown domestically in the winter, they will have to increase their budget. Krivachek is also getting married in July. Her floral budget is the largest portion of her budget at a hefty $36,000, partially because she feels like she needs to make a statement as a florist. She's made some adjustments to keep her budget the same, including using a lot of landscaping plants and bushes. "I'm excited about that because I want to make that a trend where you use these flowers and bushes that you get to take home and plant and remember your wedding and have it be sustainable," she said. She has also reduced the number of imported cut flowers she is getting to stay within her budget. She has not seen any tariff-related increases on other parts of her wedding budget, she said. Uncomfortable Conversations: Being a bridesmaid is expensive. Can or should you say no? A lot of the components to design and make a gown come from various countries, so between the materials and the execution of the product being made and transported, tariffs impact the price, said Nayri Kalayjian, owner of Lovella Bridal in Los Angeles. "Price increases are everywhere, so the wedding industry is no different, no matter where the gown is being manufactured," she said. Some designers are doing a straight price increase while others have added a percentage for the tariffs, she said. Kalayjian said she's seen some tariff surcharges anywhere from 10% to 35%. But typically bridal boutiques see price increases multiple times a year, regardless of tariffs, Kalayjian said. Kalayjian said she often tells brides if they see a dress they absolutely love, don't wait too long or it could be discontinued or increase in price. Bridal gowns are also taking longer to make since they are all custom-ordered, she said. The turnaround time is typically six to eight months. However, Kalayjian also said there are dresses at every price point for every budget, even with price increases. Brides can often get sample dresses at steep discounts, she said. (This story has been updated to correct an error.) Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@ or follow her on X, Facebook or Instagram @blinfisher and @ on Bluesky. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here. This article originally appeared on USA TODAY: How are tariffs impacting weddings? We explain.
