Americans are bracing for a price shock thanks to President Trump’s tariffs.
The vast majority of our consumer electronics are imported. It’s been the talk of the tech industry for months now.
In the lead-up to January’s CES, the massive expo held every year in Las Vegas, the Consumer Technology Association put out an eye-popping estimate: smartphones could soon cost Americans about $213 more, on average — a hike of more than 25%.
That’s because smartphone makers are likely to pass on the cost of tariffs to customers. It’s rarely companies or foreign governments that pay the price.
It’s no wonder Apple CEO Tim Cook has been so busy courting Trump lately. Last month, the iPhone maker announced a $500 billion investment in its US operations over the next four years.
Trump said his tariffs are the reason, although the company was already working to broaden its supply chain in response to the pandemic.
