Global trade shifts could soon impact your wallet. Best Buy warns that your favorite gadgets might cost more than ever.

What do President-elect Trump’s proposed tariffs mean for your next tech purchase?

The tariff tension: Understanding the potential impact​

During a November 26 earnings call, Best Buy CEO Corie Barry laid out a stark picture: if Trump's tariffs come into fruition, the additional costs could trickle down to consumers.

Trump's pre-election promises included a baseline 10% tariff on all U.S. imports, with a hefty 60% on goods from China.

Trump has also threatened hefty tariffs on imports from Mexico and Canada, potentially driving up costs for consumers.

These measures, Trump argues, are designed to bolster domestic manufacturing and incentivize American job creation.

However, the reality for retailers like Best Buy is complex.


With around 60% of their merchandise sourced from China, the implications of such tariffs are significant.

Barry emphasized that while price hikes aren't a certainty, they are a distinct possibility depending on how new tariffs are rolled out.

The electronics you love, now at a premium?​

It's not just about higher price tags on the latest smartphones, laptops, or tablets.

Connected devices, video game consoles, and computer accessories could all feel the impact.

The Consumer Technology Association (CTA) has echoed Best Buy's concerns, warning that these tariffs could lead to a noticeable increase in prices for a range of technology products.

Retailers and manufacturers are bracing for the potential disruption to their supply chains.

Some, according to Ed Brzytwa, the CTA's vice president of international trade, are even “front-loading” imports into 2024 to get ahead of the tariffs slated for 2025.

Strategies to soften the blow​

Best Buy isn't sitting idly by.

Barry mentioned that the company is considering importing more goods before the tariffs take effect and is exploring sourcing alternatives outside of China.

These preemptive measures are part of a broader strategy to mitigate the impact on both the company and its customers.

The potential for rising costs in consumer electronics is a matter of concern. It's essential to stay informed and prepared for changes in the market that could affect your purchasing power.

Here are a few tips to navigate this uncertain terrain:

1. Plan Your Purchases: If you're considering a big-ticket electronics item, it might be wise to buy sooner rather than later to avoid potential price increases.

2. Stay Informed: Keep an eye on news regarding tariffs and trade agreements, as these can directly impact the cost of goods.

3. Explore Alternatives: Look for products from countries that may not be as heavily impacted by the proposed tariffs.

4. Embrace Refurbished: Consider certified refurbished electronics, which can offer significant savings and are often just as reliable as new items.

5. Voice Your Concerns: Engage with consumer advocacy groups or reach out to your representatives to express how these tariffs could affect you.


While the situation remains fluid, the message from Best Buy is clear: tariffs could mean higher prices for consumer electronics.

In a related story, Walmart has also warned buyers that prices of its products may rise due to Trump’s proposed tariff plans.
How do you feel about the potential for increased prices on electronics? Have you started to adjust your shopping habits in anticipation? Share your thoughts and strategies in the comments below.