• Coastal Flood STATEMENT in effect for:

  • Ocean, NJ

Consumer Alert: Here's how tariffs could affect your wallet

Posted: Updated:

Need new appliances? They could cost you more.

Thanks to tariffs on Chinese imports, the average cost of a washing machine has gone from $749 to nearly $840. And if 25% tariffs kick in, analysts say the price could top $900.

"All appliance retailers, no matter who they are, are going to be raising their prices," says appliance store owner Mark Tilbor. In the end, he says, consumers always wind up footing the bill.

"You notice it more on the low end. We used to be selling washers for like $399. Those days really are gone. Most washers are $500, $600 and above," Tilbor says.

If you think you can save money by buying American -- not really. Many of the components, including the sheet metal itself, are still imported from China.

"American consumers are already paying, they just don't really know it," says Mark Zandi, chief economist with Moody's Analytics. "It's kind of a stealth tax. But it's going to become a very obvious tax not too far from now, if this continues."

One place you're likely to notice: electronics. Many components come from Chinese factories.

Analysts say if Apple wanted to offset 25% tariffs, it would have to raise iPhone prices 12%, so that an iPhone 8 that now costs $599 would cost $685.

Chinese-made shoes could also wind up costing more. A trade group says a pair that used to run $50 will wind up costing $66.

Home renovations could also get more expensive because of higher prices on construction materials. Housing prices themselves are less likely to be affected, as they have more to do with things like interest rates.

So how much will tariffs impact you? That depends on how much you spend, but most analysts say the average family will spend at least an extra $400 a year.

US tariffs are also impacting China -- and the White House is counting on Beijing to cave first.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."