(NBC) – As the school year wraps up across the country it may be time for parents to start thinking about the next school year.
Experts said going back to school may cost more because of tense U.S.-China trade relations.
The school year is wrapping up and experts suggest it’s time to think about back to school shopping.
VP of Supply Chain and Customs Policy, National Retail Federation Jon Gold said, “I think certainly going out and buying earlier might be a good course of action.”
The reason, according to Gold, is the Trump administration’s plan to target Chinese imports with new tariffs. He explained, “Tariffs are taxes, they are paid by U.S. industries, U.S. companies who import products from overseas and then, unfortunately, those taxes get passed along to us consumers.”
Those taxes set to go up 25% and that means a higher price tag for back to school basics. Gold said, “Everything from clothes to shoes, to pencils, pencil cases, rulers, erasers, pencil sharpeners—even the lunch bags and backpacks.”
In order to avoid paying higher prices, Gold suggests back to school shopping should start sooner rather than later. “To be on the safe side consumers can go in and certainly go shopping early to make sure they get the product and at a price that they wanted.” That way, going back to school won’t break the bank.
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