President Donald Trump is gearing up to launch his next stage of crippling tariffs, and while they’ll be no escaping the commander in chief’s financial wrath, there are some items you might want to consider buying now.
“As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change,” Donald Trump wrote on Truth Social on July 8.
“In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted. Thank you for your attention to this matter.”
You’ve got just under a month to buy those big-ticket items, and though we’ve already felt the financial strain of Donald Trump’s tariffs for a few months now, these products could see another increase once his new wave comes into effect.
Cars were already affected by Donald Trump’s tariffs
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Back in April, Trump’s 25 per cent tariffs on automobiles came into effect, and he’s expected to cash in those big bucks come August 1. Though the prices of some cars might not affect us directly, we could find that European brands such as Mercedes-Benz and BMW hike their prices in the UK to compensate.
Splashing out on a car is not *usually* a quick decision, but if you’ve been eyeing up a new motor, there’s no time like the present.
Mortgages
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Global economic inflation is always on the rise, but as Donald Trump tightens the purse strings, we could see an increase in mortgage prices here in the UK.
“If tariffs contribute to higher inflation, central banks may be forced to tighten monetary policy, which can weigh on bonds and borrowing costs. This could impact everything from mortgage rates to corporate investment, potentially slowing economic growth,” Interactive Investor’s Senior Personal Finance Analyst, Myron Jobson, told Manchester Evening News.
“For investors with exposure to US equities – either directly or through pension funds and ISAs – this could translate into market turbulence. Any sell-off in US stocks could drag down the performance of funds with heavy US exposure – not least global funds as they typically have a substantial weighting to US equities.”
Cans and kitchen foil
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We are proboably already seeing the ramifications of Trump’s aluminium import tariffs, but businesses could increase their prices to better account for export costs.
Food and plastic goods
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Honestly, when is food NOT expensive?
Because the UK relies on importing products from abroad, British supermarket shelves could see steep hikes once Donald Trump’s new tariffs come into effect on August 1. For instance, 48 per cent of all food consumed in the UK is imported, with the EU suffering a 20 per cent tariff on all exports to the US. Guess who will shoulder that burden – us!
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Featured image credit: White House/ZUMA Press Wire/Shutterstock
