Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit — Here's What To Buy
While the exact details and impact of President Trump's tariff plans still remain uncertain, many experts project that these will lead to significant price increases for consumers. One analysis from The Budget Lab at Yale University, based on data as of April 2, projects that the tariffs announced so far will cost the average American household $3,800 in purchasing power annually.
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The effects could take a little bit of time as retailers figure out pricing strategies and negotiate with suppliers, but one strategy for consumers to save money could be to stock up on non-perishable items.
In a recent post on social media app Bluesky, entrepreneur Mark Cuban said that it's not a bad idea to go to a big-box store to get lots of consumables now, before retailers have to restock with the new inventory reflecting the cost of tariffs.
Cuban went so far as to note that items made in the U.S. are not immune from this issue, given that some retailers might use tariffs as an excuse to hike prices.
'When the market shifts because of tariffs, companies will find reasons to adjust their prices to match,' added George Carrillo, co-founder and CEO at Hispanic Construction Council. 'You buy now and avoid potential price hikes later.'
With that in mind, consider stocking up on items such as the following if you have the space and budget for it:
One of the items Cuban suggested buying now is toothpaste. According to Crest, toothpaste usually has a shelf life of about two years from the date it's manufactured.
So, consider how much toothpaste your family is likely to use by then, and think about buying a few tubes to last you for a while. If you know you're going to use it, there's a case for locking in the price now and potentially saving a few dollars.
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Soap is another item suggested by Cuban. Similar to toothpaste, soap tends to last a few years, though the shelf life varies a bit based on factors such as whether it's liquid vs. bar soap. Still, if you know you're going to go through several bottles or bars in the coming year or two, it might make sense to buy those now at current prices.
Another household product that you might want to stock up on is laundry detergent, according to Carrillo. If unopened, liquid laundry detergent typically lasts around 12-18 months, while opened ones last around six months, according to Gain.
Other formats can have different shelf lives, so consider that before stocking up. But in general, this is another product that you can potentially save a few dollars on since you know you're going to use it in the coming months.
Another suggestion, according to Carrillo, is buying over-the-counter medicines now. The expiration dates for these vary widely by product, but it's not necessarily a bad idea to buy some common drugs like headache or cold medicine so that you're not only prepared for getting sick but also possibly sparing your wallet a bit.
While pharmaceuticals were exempt from the April 2 announcement of reciprocal tariffs, it's unclear exactly what will happen with this sector. Even if some tariffs are avoided, the cost of raw materials could go up for things like packaging. Or over-the-counter medicines could simply get caught up in the same potential price hikes that retailers could put on all items to spread out the impact of tariffs.
Lastly, consider stocking up on toilet paper now, suggested Carrillo. Toilet paper can last indefinitely and could get more expensive due to things like timber tariffs.
Of course, you don't want to go overboard and fill up every spare inch of your house with toilet paper. Everyone remembers the toilet paper frenzy and shortages at the beginning of the pandemic.
'Stocking up on essentials might seem like the responsible thing to do, especially with prices rising and uncertainties looming, but it's not without its challenges. When everyone tries to prepare at once, shelves empty faster, supply chains buckle and prices inevitably go up,' said Carillo.
When it comes to buying toilet paper — or any other consumables — try to seek the balance between being proactive vs. panicking.
'Buying an extra item during regular shopping trips can help you prepare without overwhelming stores or straining manufacturers. Collaboration also plays a big part in avoiding unnecessary chaos. By sharing resources with neighbors, friends or family, everyone can gather what they need without leaving others empty-handed,' said Carrillo.
Collaborating with friends, family, and neighbors can also make stocking up more practical.
'By pooling resources, you can buy in bulk without stretching your budget too thin, and sharing storage across multiple households makes it much easier to manage,' he added.
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This article originally appeared on GOBankingRates.com: Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit — Here's What To Buy
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