Retailers urge buyers to shop before Trump's tariffs hit
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Black Friday sale signage in New York City, on Nov. 29. Photo: Yuki Iwamura/Bloomberg via Getty Images
Retailers small and large are urging their customers to buy their merchandise before President-elect Trump's tariff plans become a reality.
Why it matters: As Americans gear up for the holiday shopping season, the looming threat of tariffs has imbued their to-buy lists with a sense of urgency. Higher tariffs typically mean higher prices for consumers.
Driving the news: Trump announced a slate of forthcoming tariffs earlier this week targeting the U.S.' top three trading partners — China, Mexico and Canada.
- Trump promised to impose a a 25% tariff on all goods coming from Canada and Mexico, as well as a 10% tariff on imports from China "above any additional Tariffs."
- Tariffs were one of Trump's cornerstone campaign pledges. He previously floated the possibility of imposing 10% or 20% tariffs on all imports, as well as a 60% tariff on all Chinese imports.
State of play: Even before Trump's announcement this week, retailers have been using the prospect of tariffs to urge customers to shop.
- J&J Sports Service, a customer fishing rod seller based in Maryland, implored customers to "buy now" in a Facebook post earlier this month, noting that the coming tariffs are "not a joke."
- Furniture retailer Finally Home Furnishings issued a similar warning in a Facebook post earlier this month advertising a "pre-tariff sale."
- "This is not a drill. The very same items you are seeing now will be double the price once the tariffs kick in. This is not speculation. We went through this 4 years ago," the furniture retailer wrote.
Zoom in: Some small businesses and artists are doing the same.
- Etsy seller Buzzy Park, who sells handmade bamboo picture frames, also urged customers in a Facebook post this month to advertise a pre-tariff sale.
- "Hurry and get them at their current prices before they'll be both unaffordable and unobtainable in the future," Park wrote.
- Artist Anthony Ruiz, who makes custom stickers and pins, urged viewers on TikTok to take advantage of a pre-tariff sale. Once the tariffs go into place, he expects the price of a 2-inch pin to jump from $10 to $17, Ruiz told the Wall Street Journal.
The big picture: Big name retailers like Walmart, Lowe's and Best Buy have already warned the tariffs could force them to raise prices for consumers.
- Others have begun stocking up on inventory to navigate the new tariff regime.
Between the lines: The push to "buy now" happens to coincide with a historically short holiday shopping season, where every additional dollar is crucial to retailers.
- The National Retail Federation already forecast that holiday sales growth this year could be the lowest in at least six years.
Go deeper: Trump's tariffs: How they work, and who would pay
