this post was submitted on 26 Nov 2024
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Summary

Best Buy warned that Trump’s proposed tariffs on imports from China, Mexico, and Canada could raise prices on consumer electronics, as 60% of Best Buy’s inventory comes from China.

Trump plans to impose a baseline 10% tariff on all imports and a 60% tariff on Chinese goods to boost domestic manufacturing.

Retailers like Best Buy and industry groups like the Consumer Technology Association are preparing for supply chain disruptions by importing goods early or sourcing alternatives to avoid higher consumer prices.

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[–] PortoPeople@lemm.ee 136 points 3 weeks ago (2 children)
[–] MumboJumbo@lemmy.world 73 points 3 weeks ago (2 children)

Man, even the Trump "I did this" stickers will be too expensive

[–] wagesj45@fedia.io 24 points 3 weeks ago

Better stock up now.

[–] Bob_Robertson_IX@lemmy.world 19 points 3 weeks ago (1 children)

I've been considering ordering a bunch of these.

[–] MumboJumbo@lemmy.world 9 points 3 weeks ago (1 children)

Ah man, and I like red hats. Not MAGA, but just a nice fitted red hat. Another reason to not like the cult of 45.

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[–] seang96@spgrn.com 20 points 3 weeks ago* (last edited 3 weeks ago) (1 children)

Nah man its at most gonna go up 12%!

- My Trump supporting uncle after he survived a 12 foot head first fall and changed to extreme opposite personality

[–] KickMeElmo@sopuli.xyz 33 points 3 weeks ago (8 children)

At least brain damage is an understandable reason for voting Trump. What's everyone else's excuse?

[–] YtA4QCam2A9j7EfTgHrH@infosec.pub 23 points 3 weeks ago (1 children)

For boomers it is lead poisoning from gasoline.

[–] sp3tr4l@lemmy.zip 14 points 3 weeks ago

Also lead in home paint.

It's (at least part of) where the 'paint chip eater' meme/joke of boomers comes from.

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[–] pivot_root@lemmy.world 74 points 3 weeks ago (5 children)
  1. Prices go up.
  2. People stop spending money.
  3. Revenue loss for companies.
  4. Mass layoffs.
  5. Job security concerns.
  6. People stop spending money.
  7. Go to (3)

Which part of that cycle was supposed to fix the cost of living problems again? Last I checked, those tariffs aren't going towards universal basic income or social services.

[–] Maggoty@lemmy.world 32 points 3 weeks ago (1 children)

The part where the monopolies buy up even more of the economy and we all get issued life subscription plans because they can cover everything from our housing to our groceries to our jobs. Don't worry, your WaLife Plan^tm is tailored to be affordable for your Cashier position.

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[–] Joeffect@lemmy.world 14 points 3 weeks ago (8 children)

Everything he's planning is going to have negative effects on the economy...

Deport every? No one to work the jobs most refuse to do... Means food, housing, and other shortages which makes prices go up.

Tariffs? Make everything cost more and force companies to charge consumers.

Reduce education standards? Keep everyone dumb so they vote for us!!!!

[–] ZigZagZebra@lemmy.world 8 points 3 weeks ago* (last edited 3 weeks ago) (1 children)

Tariffs can also backfire like with China and their retaliatory tariffs . Some US companies rely on exports for a large part of their business.

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[–] Monstrosity@lemm.ee 12 points 3 weeks ago

Don't forget to throw mass Federal layoffs into the mix.

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[–] Cephalotrocity@biglemmowski.win 67 points 3 weeks ago

Amazing how they didn't say shit until after the election. Almost like they want to have their cake and eat it too.

[–] selokichtli@lemmy.ml 41 points 3 weeks ago (1 children)

Could? They will, honestly.

[–] hydrospanner@lemmy.world 25 points 3 weeks ago

They absolutely will.

Either directly, because those goods are now more expensive to Best Buy and they're not about to eat that, so it'll get pissed directly on to the consumer (with a mark-up)...

...or indirectly, when any one or more of the corporate entities involved in the domestic supply chain sees that domestic goods are now cheaper than imports for the consumer, which means that they now have an opportunity to simply raise their prices to match and pocket the difference.

Nevermind that domestic supply chains often have roots in China anyway, so it's not like the domestic electronics are going to be able to hold price either, since their imported components will still be getting hit with the tariff.

My favorite part of this aspect of it in particular is that while electronics are no doubt ubiquitous, most electronics purchases are more discretionary. It's not like a car where if yours dies you are definitely buying another one. Most times, people are getting a phone because a new model came out, or they decided theirs was too slow. They're getting a new TV because they want to upgrade or found a good deal.

So when these tariffs hit and prices lurch up, expect sales to plummet as people decide they can keep going with their current electronics just a bit longer.

So congratulations, domestic beneficiaries of an electronics tariff, any profit increase you might have gained will now be more than gutted by the nosedive in overall sales!

[–] Nusm@yall.theatl.social 40 points 3 weeks ago* (last edited 3 weeks ago)

Read all about it in this month’s issue of Duh.

[–] hark@lemmy.world 38 points 3 weeks ago (2 children)

It WILL raise prices and it will raise prices by more than whatever percentage the tariffs are set at because as we all saw from the recent greedflation, businesses will use any excuse to raise prices as much as possible, particularly in industries dominated by an oligopoly (which is most of them).

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[–] FlyingSquid@lemmy.world 25 points 3 weeks ago (10 children)

Best Buy still has customers?

[–] IDKWhatUsernametoPutHereLolol@lemmy.dbzer0.com 38 points 3 weeks ago* (last edited 3 weeks ago) (19 children)

I mean yea.

I wouldn't trust a phone bought on Amazon.

Buying on official manufacturers website take a few days to arrive.

If someone, say broke their phone, they might need their new phone immediately.

Also, shipping stuff can get stolen in transit, or on the doorsteps.

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[–] empireOfLove2@lemmy.dbzer0.com 29 points 3 weeks ago (1 children)

It's unironically a really good place to buy consumer electronics, both online and in person. They're still holding on, they've crawled out of the hole they put themselves in a decade ago.

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[–] Montagge@lemmy.zip 12 points 3 weeks ago (2 children)

I still go to Best Buy for stuff sometimes!

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[–] Magister@lemmy.world 21 points 3 weeks ago (2 children)

Imagine cars coming from Canada and Mexico, 25% more expensive, lol

[–] tunetardis@lemmy.ca 27 points 3 weeks ago

Oh it'll be a shit show, don't worry. Imagine a car sold in the US that's assembled in Mexico using parts manufactured in the US from metals mined in Canada, along with electronics from China. And that's all within a single company's supply chain. There will be tariffs on top of tariffs in the auto sector.

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[–] IDKWhatUsernametoPutHereLolol@lemmy.dbzer0.com 20 points 3 weeks ago* (last edited 3 weeks ago)

We are now in the "Find Out" stage of FAFO

Edit: Also, maybe the silver-lining of the tariff is people keeping their phone longer and not buy a new one every year.

[–] juice702@lemmy.world 20 points 3 weeks ago (2 children)

Honestly, bring on the bullshit. I’m so sick of these maga idiots so I can’t wait to see how this will affect them and what they voted for.

[–] TexMexBazooka@lemm.ee 27 points 3 weeks ago (1 children)

They will learn nothing because they are incapable of understanding

[–] Dead_or_Alive@lemmy.world 11 points 3 weeks ago

No, they will learn nothing because Fox News, X and right wing propaganda they listen to is very effective at shifting blame or brushing problems under the rug.

If we want to change their minds we need to pierce their information bubble that insulates them from their decisions.

[–] lightnsfw@reddthat.com 15 points 3 weeks ago

Trump will pass the blame on and they will listen to him and this will affect the non-maga people too.

[–] Treczoks@lemmy.world 20 points 3 weeks ago

Basically every shop will have to raise prices then. Even a farm shop selling only their own produce, as their own production costs will definitely rise.

[–] sp3tr4l@lemmy.zip 18 points 3 weeks ago (1 children)

I can only hope this also kills the 'i am a youtuber/influencer, buy my astoundingly overpriced merch' business.

New MrBeast video: "I Got Hunted By Border Patrol" or "First to smuggle my merch across the border wins $1,000,000"

[–] inclementimmigrant@lemmy.world 17 points 3 weeks ago* (last edited 3 weeks ago) (3 children)

Yup and now even just that 25%/60%/+10% either.

https://nebula.tv/videos/legaleagle-trumps-tariffs-are-taxes-on-us-consumers/

Also remember that when Trump did the washing machine tariffs, not only did eating machine prices go up, dryer prices also went up because capitalism never misses an opportunity to fuck the consumer over.

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[–] JusticeForPorygon@lemmy.world 15 points 3 weeks ago (1 children)

Thank you bestbuy for making this statement after the election.

Not that it would've made any difference. I'm disgusted with my country.

[–] rumba@lemmy.zip 11 points 3 weeks ago (1 children)

Trump said himself that prices were going to go way up. There's not anybody else out there that would have made a difference. When these idiots can't afford to go to McDonald's anymore, and they find they can't get on disability they're going to change their tune far too late.

[–] andrewta@lemmy.world 12 points 3 weeks ago (1 children)

No they will just blame everyone else. They will never learn.

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[–] Spacehooks@reddthat.com 14 points 3 weeks ago

Just in time for black friday! Get your goods now before the 200% tariff come in!

[–] Embargo@lemm.ee 12 points 3 weeks ago

Hahahaha fucking no shit. The tariffs will force everything up. The U.S. economy is going to get thoroughly fisted.

[–] wagesj45@fedia.io 12 points 3 weeks ago

"Could"

Goddamn it I'm sick and tired of these articles pussyfooting around the issue.

[–] SeaJ@lemm.ee 11 points 3 weeks ago

Could??? Stop pussyfooting around and tell us that it will indeed cause you to raise prices.

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