Tariff Talk: What Your Wallet Wishes You Knew
A shopping expert breaks down why everyone's talking tariffs
Hello, Gorgeous!
Whether we care about them or not, tariffs have become the economic buzzword du jour. One day they're up, the next they're down, and somehow your lipgloss budget is caught in the crossfire.
To make sense of this ever-shifting landscape, I reached out to my pal shopping expert Trae Bodge. You've probably seen her all over the news breaking down exactly what these changes mean for you.
Meet our expert
Trae Bodge
Smart Shopping Expert
Website: truetrae.com
Instagram: @truetrae
Hello Gorgeous! You've been all over the news talking about tariffs lately. Can you tell us about bit about why this is such a hot topic right now?
Trae Bodge: Tariffs are not new, but this tariff roller coaster that we've been on since the beginning of February is. The ever-changing landscape has created significant uncertainty and chaos in retail and our financial markets, resulting in shockwaves that will be felt for a long time.
In the near term, we are starting to see high prices on perishable items and other items that were shipped and delivered since February, but what is to come are higher prices across many categories, as well as some shortages because of the decrease in orders being placed in these last few months.
Who gets hit hardest (and when to actually worry)
HG: Who will be affected the most by the tariff changes and is there anything we can do about it? The tariffs seem to keep changing—how do we know when to panic?
TB: After so much turbulence in the last few months, I think we are settling into what will become the norm. The simplest way to think about it is that there is a baseline tariff of 10% (higher in some areas) on items from many areas around the world. Will there be a direct correlation to price increases? Probably not, because it's more complex than that, but the tariffs will affect all consumers and all retailers in some way, except those who only manufacture and sell in the US, using only US components, or those countries and categories that are exempt from the tariffs.
Who will be affected the most depends on the purchasing behaviors of each individual, but it's safe to say that lower-income shoppers will feel the impact most intensely because budgets are tighter and there is less of a financial safety net.
It's not time to panic, but I think shoppers should take advantage of this brief window. Prices haven't increased yet in most categories, so look for sales on the items you planned to buy this year, and perhaps buy them earlier than planned. I would recommend this for big-ticket items, like a laptop, a large home appliance, or a car, because the price increases will be more egregious.
And if you purchase something earlier than planned, look for 0% financing offers, Buy Now Pay Later, etc., to ease your immediate financial burden. Also, consider purchasing with the credit card that offers the most points, look for sales, and utilize deal sites to find cashback offers and coupons.
Her strategic shopping list (without the hoarding)
HG: Is there anything we should stock up on right now, or is that alarmist behavior? What can we expect to go up in price?
TB: In addition to bigger-ticket items, it could make sense to stock up on your favorite imported items, like wine, coffee, and K-beauty products. If you plan to do this, however, be mindful of freshness dates because the last thing you want to do is buy a bunch of something that ends up spoiling or losing its efficacy over time.
Reality check: What's actually in our control
HG: Do we as consumers (or small business owners) have any power at all over how the tariffs impact us?
TB: We won't have much control over this. Retailers and brands, big and small, will be paying more to import things, and then it's up to them to determine how much of that financial burden to pass onto consumers.
We can buy non-imported items, but as you know, items made in the US are not known for being budget-friendly. We import so much because other countries do certain things better and more cheaply.
The bottom line
While we can't control global trade policy, we can control how we respond to it. Stay informed, shop strategically, and remember that this too shall pass—even if your favorite imported chocolate costs a bit more for a while.
Have you given the tariff rollercoaster any thought? Let’s meet in the comment section to discuss!
Rachel, Your beauty concierge 💋
This was great!! Hi Trae 👋
Thanks for having Trae talk about tariffs!