Hold onto your wallets, folks! A new Goldman Sachs report reveals that U.S. consumers are paying the price—literally—for tariffs imposed during the Trump era. 🌍💸 According to the analysis, 55% of tariff costs this year will land on everyday shoppers, while businesses and foreign exporters split the rest. TL;DR: Your grocery bill might be getting a stealth upgrade.
Here’s the kicker: While businesses are currently absorbing 22% of the hit, economists say they’re playing the waiting game. With legal challenges looming, companies are hesitating to hike prices immediately—for now. But if tariffs stick around? 💥 Consumers could see even steeper costs by December, pushing inflation to a projected 3%.
Why does this matter? 💡 The tariffs have already boosted core personal spending prices by 0.44% this year. Translation: That new phone or weekend getaway? You’re indirectly paying a 'Trump tax' on it. 🛒📱
Pro tip for budget-savvy Gen Z and millennials: Keep an eye on holiday sales—retailers might start passing the buck (literally) as we approach 2024. 🎯
