Tariffs are the new black—but can my wallet handle the trend?

Like designer knock-offs, tariffs may look like they mean business, but how quickly do they fall apart at the seams.

With President-elect Donald Trump preparing for his presidency, he promised to slap tariffs on goods from the leading U.S. trade partners on day one. This would range from 10% on goods from China to 25% from Canada and Mexico. Trump has touted this move as a way to negotiate with these countries over several policies, mainly cracking down on drug production and illegal migrants entering the country, as well as protecting domestic jobs and industries.

What Are Tariffs?

"Tariffs are often touted as a protective measure for domestic industries," explains David Fritch, a registered investment advisor and CPA with over four decades of experience. "But the reality is that ramping up local production capacity can take considerable time." Even when goods are not wholly made externally, tariffs also increase the cost of resources for businesses, both big and small. While Trump guarantees that tariffs will be paid by the companies exporting their goods, that's not the case. Ultimately, it's the company and consumers importing goods; tariffs cause businesses to "reassess their supply chain strategies," Fritch says, "and even forcing some to pass costs onto consumers."

So, which items will immediately face tariffs, and which could be vulnerable to potential tariffs should Trump launch a global trade war?

Electronics: From Playstations to iPhones

It's no secret that our gadgets are global jet-setters before they even hit the shelves. PlayStations are born from the minds of Sony in Japan, though they are assembled partly in China. And that shiny iPhone in your hand? It's as American as apple pie…if it came from a bakery in Shenzen, China. With China being targeted, your next binge-worthy gaming console or phone upgrade might have a higher price tag.

Fashion and Flair: Clothing and Wigs

For those on a shopping budget or jumping into the latest aesthetic trend, the Chinese fast-fashion mogul Shein is about to stretch your wallet. And like elastic waistbands, expect a price increase from other clothing manufacturers based in China. And let's remember that many wig producers and suppliers are Chinese-based, so expect a 10% premium on your next hair transformation moment.

Fortunately, a pair of Louboutins are safe from any proposed tariffs, as those red soles are safely made in France. But should President Trump choose to launch a trade war with the European Union, expect these to be on the chopping block.

The Vanity Set: Makeup, Perfume, and Fillers

Our beauty essentials are also coming under attack. Brands like MAC Cosmetics, NARS, and Urban Decay make some or all of their products in Canada. In contrast, other brands like L'Oréal are sourced from several countries, including Mexico. Expect a higher place next year, whether wholly imported or sourcing foreign-made materials.

Fortunately, the cult-favorite Baccarat Rouge 540 and Juvéderm are safely made in France and Ireland, respectively, so we will not foresee any price hikes due to tariffs. But let's face it, glowing skin is non-negotiable.

Booze and Beans: Imported Liquor & Coffee

When you're sipping on Espolon, Patron, Don Julio, and Jose Cuervo, expect to pay an extra few bucks at your favorite bar. But suppose you choose a shot of Jameson or a sidecar of Hennessy. In that case, these libations are currently safe from tariff woes.

And what about coffee? Rest assured, that morning cup will not increase—at least for now. Though Mexico's coffee exports to the U.S. pail compared to other Latin American and African countries, Trump could effectively impose tariffs on coffee-exporting countries to halt illegal migrants or drugs from entering the country.

Trade Wars: Who Will Hurt The Most?

Donald Trump's proposal is already sparking a range of responses, from concerns and threats of retaliation from the leaders of the U.S.'s three largest trade partners.

I'm still eyeing my shopping cart like a financial advisor reading over my monthly expenses. Who would be caught in this international game of cat and mouse? We will. Consumers will undoubtedly fork out higher prices for our goods, be it furniture, electronics, clothing, or our favorite makeup or wig brands.

Tech upgrades, closet staples, and the occasional indulgence may take a backseat these next few years until the Trump administration reverses its tariff policy. Until then, I'll patiently await the holiday sales and hopefully stock up on some makeup goodies before January 20, 2025.

Marie-Adélina de la Ferrière is the Community Editor at equalpride, publisher of The Advocate.

Voices is dedicated to featuring a wide range of inspiring personal stories and impactful opinions from the LGBTQ+ and Allied community. Visit advocate.com/submit to learn more about submission guidelines. We welcome your thoughts and feedback on any of our stories. Email us at voices@equalpride.com. Views expressed in Voices stories are those of the guest writers, columnists and editors, and do not directly represent the views of The Advocate or our parent company, equalpride.