Appliance stores say you could see a price hike starting in June due to tariffs
BAYONNE, New Jersey (WABC) -- Small businesses are bracing for increased prices due to the Trump administration's tariff announcement.
The impact of tariffs could hit the auto parts business in the foreseeable future.
Even American cars use foreign-made parts, and it's recommended that vehicle owners get their cars in shape now in case there is a spike in prices.
"A pair of brake pads that will usually cost you $25 they are going to cost you roughly between $30 and $35 now. That's just one concrete example. I do not anticipate$25 brake pads to cost you $50 to $65, " said Prieto Auto Part owner Frank Prieto.
Dealerships say sales were up dramatically before the President announced the tariffs.
One owner predicts a $10,000 increase on sticker prices for new cars.
A leading economist says that foreign car prices will spike, and American cars will follow.
"Here's the price and once there's a tariff they go up, so-called domestic cars will also go up, why? because immediately people will switch to domestic so they go up right away," Farrokh Langdana of Rutgers University said.
One other impact that could be felt in the months ahead involves appliances.
Most small appliance stores are part of a group that buys in bulk.
Some received notification that they could see price hikes in June and air conditioners becoming a hot item.
Many of the parts that keep us cool are made overseas and could cost more due to the tariffs.
"We've had a lot of people that are buying not necessarily because they have to get it right now, but they are afraid of the tariffs," Ben Santora, Sales Manager of Rutherford Appliance Center said.
* Get Eyewitness News Delivered
* Download the abc7NY app for breaking news alerts
Submit a tip or story idea to Eyewitness News
Have a breaking news tip or an idea for a story we should cover? Send it to Eyewitness News using the form below. If attaching a video or photo, terms of use apply.
