Laptop, smartphone, and game console prices could soar after the election
Tech companies expect price increases on laptops, smartphones, and consoles after the US election due to potential expanded tariffs on Chinese imports, which could significantly impact low-income consumers and the economy.
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Tech companies are preparing for potential price increases on laptops, smartphones, and game consoles following the upcoming US presidential election, as tariffs on imports from China may be expanded regardless of the winning candidate. Currently, there are over $300 billion in tariffs affecting trade with China, which have been made permanent by the Biden administration. While popular consumer technology products have not yet been subjected to tariffs, experts warn that this could change, particularly if former President Trump resumes his trade war with China, proposing a 60% tariff on all goods. Such tariffs could lead to significant price hikes, with estimates suggesting that laptop prices could nearly double, and video game consoles might see a 40% increase. The Consumer Technology Association has cautioned that these tariffs would disproportionately affect low-income Americans and could result in a net loss for the US economy. Both Trump and Vice President Harris have taken strong stances against China, but Harris has not clarified her tariff strategy, leaving tech companies uncertain about future costs. The potential for increased tariffs raises concerns about the economic burden on consumers and the impact on innovation and job security within the tech industry.
- Tech companies anticipate price increases on consumer electronics post-election.
- Current tariffs on imports from China could expand, affecting popular tech products.
- Trump's proposed tariffs could lead to significant price hikes, impacting low-income consumers the most.
- The Consumer Technology Association warns of economic losses and job risks due to tariffs.
- Uncertainty remains regarding Harris's tariff strategy if she wins the election.
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America's consumer spending is weakening, with major brands reporting declining sales. Inflation and rising interest rates are straining lower-income consumers, while the labor market shows signs of cooling ahead of the election.
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If elected in 2024, Trump plans significant tariffs, potentially raising electronics prices by $90 billion annually, lowering GDP by 1.7%, and eliminating 1.4 million jobs, despite some arguing for job creation.
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