Dear Liz: President-elect Donald Trump’s proposed tariffs have me wondering if now is the time to purchase new kitchen appliances, something I have long delayed doing. If he follows through on his plans, I don’t know how long it would be before the new tariffs take effect.
Answer: Tariffs of up to 100% on imported products could dramatically increase the cost of many consumer goods, including appliances and cars. But how, when or even whether these tariffs will be imposed is still unclear.
Given the political uncertainties, it probably doesn’t make sense to proactively replace appliances or cars that are still in good working order. If you’re planning to update anyway, however, doing so sooner rather than later may save you some money.
Today’s top story: Understanding the closing cost for a home seller. Also in the news: How being neighborly can save you money, what homeowners ready to sell need to know about the changing market, and how increased China tariffs might cost you money.