President Donald Trump refuses to back down from his tariffs, and that means you'll be seeing prices in your favorite stores rise. According to one economist, you'll see those price hikes almost immediately.
University of New Orleans economics professor Walter "Dub" Lane says he expects those price hikes to come "pretty soon."
"Whenever you sell something off the shelf right now, you have to replace it with theses higher expensive ones that have the tax built in," Lane said. "Businesses should consider that as their price and start raising their prices very soon."
According to Lane, products made in China and Vietnam will have the highest price increases because they are now subject to tariffs of 34 percent and 46 percent, respectively.
"Vietnam produces a lot of the t-shirts and clothing and things of that sort that we see in the stores," Lane said. "Those (prices) should be coming up pretty quickly. China produces all kind of stuff for us--high tech stuff, particularly--and those (prices increases) will be showing up as well."
Lane urges consumers to shop with caution.
"I wouldn't panic buy, but if you're planning something, I wouldn't mind getting it quickly," Lane said. "Let's just hold on to our seats and see what happens."
Related
Related
Related
