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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[–] selokichtli@lemmy.ml 32 points 7 hours ago (1 children)

Could? They will, honestly.

[–] hydrospanner@lemmy.world 20 points 6 hours 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!

[–] inclementimmigrant@lemmy.world 14 points 6 hours ago* (last edited 6 hours ago) (1 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.

[–] jj4211@lemmy.world 7 points 6 hours ago (2 children)

not only did eating machine prices go up

I am an eating machine.

[–] dogslayeggs@lemmy.world 1 points 2 hours ago

And have you checked your value on the trafficking market lately? You're way overpriced!

[–] inclementimmigrant@lemmy.world 1 points 5 hours ago

Damn you autocorrect!

[–] WhyFlip@lemmy.world 2 points 6 hours ago

Fuck Best Buy and their 15 day return policy. I've been boycotting for two years now. They will file for bankruptcy, tariffs or not, before long.

[–] juice702@lemmy.world 19 points 10 hours 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.

[–] lightnsfw@reddthat.com 14 points 6 hours ago

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

[–] TexMexBazooka@lemm.ee 26 points 9 hours ago (1 children)

They will learn nothing because they are incapable of understanding

[–] Dead_or_Alive@lemmy.world 11 points 8 hours 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.

[–] werefreeatlast@lemmy.world 1 points 6 hours ago

Let me use this phrase in a different context:

Honey, did you "raise prices on consumer electronics" the front door?

[–] Spacehooks@reddthat.com 12 points 11 hours ago

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

[–] Treczoks@lemmy.world 19 points 13 hours 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.

[–] hark@lemmy.world 36 points 15 hours ago (1 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).

[–] Dead_or_Alive@lemmy.world 4 points 8 hours ago (1 children)

Greedflation worked because the consumer could absorb price increases to a certain extent after Covid.

While greedflation will be a factor this time around. I don’t think it will be as prominent as it was post covid. The consumer is tapped out and is just not buying anymore. People are not going to buy electronics at 60% or higher prices. They will go cheap or just do without.

Trump is either using the threat of tariffs as a negotiating tactic to get something out of our trade partners or Trump will repeat history and be like Hoover. We’ll have a stock market drop, rampant stagflation and a Recession / Depression on his watch.

[–] jj4211@lemmy.world 3 points 6 hours ago

At least in some circles, it was ok that the customers were tapped out and not buying anymore, at least not at the same volumes.

A fair number of businesses figured out that the math works better if most people couldn't afford their product but at least some could at the higher prices. In one extreme example I recall a leaked presentation for a company that determined they could raise prices by 10 fold and still retain 10% of their customers, and that was a win because it's cheaper to deal with a smaller customer base in their case.

I know before the pandemic in my company, there was a long standing argument about whether it was better to be high volume low margin or high margin low volume. COVID forced the company to go with the high margin strategy and they decided the high margin people were right for a while. Then competitive pressures came in and proved the high volume people right, that someone in a competitive industry will make the high volume play and they will win if you don't also do high volume.

So if tariffs reduce the likelihood of one of the high-volume strategy companies participating, the remaining may gleefully go to high-margin and say forget about the masses, that's not where the money is.

[–] pivot_root@lemmy.world 69 points 17 hours ago (4 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.

[–] Monstrosity@lemm.ee 10 points 12 hours ago

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

[–] Maggoty@lemmy.world 31 points 16 hours 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 13 points 17 hours ago (9 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!!!!

[–] jj4211@lemmy.world 1 points 6 hours ago

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

This one kind of makes me a bit sad about the two prevailing sentiments:

  • Heartless separation of families and forcing immigrants back into dangerous situations, frankly in the name of pursuing an ethnic purity/superiority.

  • Maintain an illegal labor class of folks constantly under threat of deportation so they have fewer rights and higher fear to exercise the rights they do have, so they can be cheap and abused labor.

The "grant these people legal standing" seems to never be a persistent stance. Closest we got was DACA, and even that was pretty limited. No one dares threaten giving the cheap labor any leverage.

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[–] PortoPeople@lemm.ee 129 points 21 hours ago (2 children)
[–] MumboJumbo@lemmy.world 70 points 21 hours ago (2 children)

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

[–] Bob_Robertson_IX@lemmy.world 19 points 18 hours ago (1 children)

I've been considering ordering a bunch of these.

[–] MumboJumbo@lemmy.world 8 points 17 hours 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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[–] wagesj45@fedia.io 23 points 20 hours ago

Better stock up now.

[–] seang96@spgrn.com 20 points 20 hours ago* (last edited 20 hours 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 31 points 19 hours ago (8 children)

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

[–] YtA4QCam2A9j7EfTgHrH@infosec.pub 22 points 19 hours ago (1 children)

For boomers it is lead poisoning from gasoline.

[–] sp3tr4l@lemmy.zip 14 points 19 hours 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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[–] Nusm@yall.theatl.social 39 points 19 hours ago* (last edited 19 hours ago)

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

[–] Cephalotrocity@biglemmowski.win 66 points 21 hours ago

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

[–] sp3tr4l@lemmy.zip 18 points 19 hours ago (1 children)

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

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[–] FlyingSquid@lemmy.world 25 points 20 hours ago (12 children)

Best Buy still has customers?

[–] IDKWhatUsernametoPutHereLolol@lemmy.dbzer0.com 36 points 20 hours ago* (last edited 20 hours 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 28 points 20 hours 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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