But does that mean well be paying 25% more for leggings?
Do we need to panic-buyAlignsand Super Puffs?
Is this the end of the shopping haul as we know it?
Aleksandra Konoplia
Explain it to me like Im five.
What is a tariff and what did Trump do?
A tariff is essentially a fancy word for a tax.
He added that access to the American market is a privilege.
There was no such agreement with China, which imposed retaliatory tariffs on the USthis week.
That is also, now, currently on pause.
Not the governments of these three countries.
Thats going to be really difficult, especially now with inflation and rising consumer prices already.
She adds that the Canada and Mexico tariffs especially could raise prices on those goods dramatically.
A 25% increase is pretty high, she says.
Especially in this market where everyones looking for a deal, everyones looking for sales.
Retailers will have difficulty marking down products as much if they have to absorb tariff increases to this extent.
So whatisthe impact going to be?
And, Santos notes, its unclear if more tariffs are on the way.
There have been tariff threats on nearly every country, she says.
What about China?
It sounds like no one really knows whats happening.
What should we be doing?
Yeah, youre right.
But theres one thing Santos says we can probably expect: higher prices.
So if you have the funds to make a big purchase, now is probably the time.
