Things to put on your holiday gift list before tariffs make them more expensive

While there’s a lot we don’t know about President-elect Donald Trump’s tariff plans, at least one thing is pretty certain: Tariffs will go up. If history is any indication, that means price increases will likely follow.

During this busy holiday shopping season, some bargain hunters may be wondering if this is the ideal time to stock up on items before they could cost a lot more. That’s because there are only months left before President-elect Donald Trump gets back in the White House, where he’s promised to enact steep tariffs on imports. While there’s a lot we don’t know about his plan, one thing seems pretty clear: Tariffs will go up. And if history is any guide, that means price increases will likely follow. Trump has said he’ll slap a new 25% across-the-board tariff on imports from Mexico and Canada as well as an additional 10% tariff on Chinese imports starting on Day 1. On the campaign trail, he pledged a 60% tariff on goods imported from China and a 10% to 20% tariff on goods from other countries. Trump’s threats might simply be negotiating tactics, not concrete plans. But if tariffs do happen, we don’t know, for instance, how long they’ll last and if there will be exclusions. Still, new tariffs could significantly increase consumer prices on nearly everything that isn’t entirely US-made, which isn’t much these days.