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From household items to toys: How imposed tariffs on Chinese goods will cost you

Posted at 10:07 AM, Sep 25, 2018
and last updated 2018-09-25 13:23:26-04

The trade war with China could have an impact on your wallet. 13 Action News told you Monday about new tariffs now in effect. Now, we're getting a closer look at what that means for your hard-earned money.

We're talking about a really long list of things that could cost you more -- things like food, plastic, clothes, kitchenware, toys and even items like razors.

Our financial expert tells us because the U.S. is imposing significant taxes on about half of all Chinese goods crossing the U.S. border, you could see prices of these items go up by at least 10 percent.

So for example, instead of paying $25 for a toy, expect to shell out $27.50. 

Many U.S. manufacturers and retailers have come out and say they will be forced to pass along the higher cost to us.

The thing is there's a lot of uncertainty right now. Experts say you could start seeing prices of some items go up within the next few weeks. Others might take longer to react or not at all.

So we asked financial expert Steve Budin: Is there anything we can do as consumers?

"A few ways to potentially avoid the tariff would be to buy the item immediately before the tax gets implemented. You can wait and hope that the tariffs pull back later on or you can look at the secondary market because the tariffs only apply to new goods," he says.

A "secondary market" includes items sold on eBay and other secondhand, used item stores. 

Otherwise, there's not really much that we can do. Either buy now or absorb the cost later.