LIVONIA, Mich. (WXYZ) — Stock market sell-off continued Monday amid the fallout from President Donald Trump's tariff policies.
Monday marked the third straight day of major losses after The Dow, NASDAQ and S&P 500 all finished one of their worst weeks in years last Friday.
As the market declines, Trump continues to dig in on tariffs vowing to impose additional tariffs on China, which would total more than 50%. Those tariffs, set to take effect on April 9, are in response to China's retaliatory tariffs.
Related video: As fallout from President Trump's tariffs continues, congressional members weigh action
The tariffs have impacted just about every industry including appliances you use in your home.
On Monday, 7 News Detroit made stops at several stores including Specialties Showroom in Berkley.
"They come highly recommended from a number of different friends that have done business here," Al Deeby said as he shopped around the store. "Well, my cooktop no longer works and I have to do something. So, we’re going to rip it all out and start it all over."
In a few weeks time, the price Deeby and others in the market for new appliances pay could be going up.
"If there’s some short-term pain here, it is what it is," Deeby said. "I believe in the tariffs — I really do. You didn’t ask me that, but I do and I think it’ll shake out in short order."
Industry experts say there could be price hikes up to 10% on most appliances by summer. They also say some refrigerator brands could raise prices as much as 20%.
"A lot of steel comes from outside of the U.S., components come from outside of the United States. There’s a lot of manufacturing of appliances in Mexico as well," said Joseph Legato, who is the CEO of Bill & Rod's Appliance in Livonia.
Hear more from Joseph Legato in the video player below:
Legato is a third-generation owner at Bill and Rod's. The appliance store also has a location in White Lake. He says changing prices is not foreign in their industry, but the rate at which they're changing is somewhat concerning.
"I thought we were in for a time of stability but as we have also seen wage increases for a lot of labor out there and other labor and supply chain issues, we did expect some sort of jump as we do every year, but these are going to be more significant than we anticipated," Legato said.
Legato says he has already started to see some customers buy appliances now for future use to try and lock in lower rates.
Legato says he's now working with manufacturers to offer customers rebates and promotional discounts in the coming months. He's also recommending customers try to take advantage of bundle deals and finance options ahead of price hikes.
"The way we can help customers in this situation is that we would encourage you to look at multiple appliances while you’re here. If something else is kind of on the edge, let’s look at that. My guys can service that or if you decide it’s the time to replace it, we can bundle that. Manufacturers are stepping up with some great rebates as well," Legato said.
If tariffs remain in place, price impacts are expected to be felt by June.
