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Tariffs are coming for Gen Z
- President Donald Trump's tariffs are expected to have a financial impact on American consumers, particularly hitting Gen Z the hardest due to their lower incomes and reliance on specific products.
- Introduced tariffs could increase prices on everyday essentials by 1.63%, affecting products favored by Gen Z, such as beauty goods, tech gadgets, boba tea, and medications for mental health.
- The beauty industry, including cosmetics and skin care products, may see price increases due to tariffs on imports, impacting smaller brands more severely.
- Tech gadgets manufactured in China are essential to Gen Z's daily lives, and tariffs could limit options and increase prices, affecting replacement cycles for items like headphones and e-bikes.
- The popular boba tea trend, which relies on imported ingredients like tapioca starch, may face price hikes or product discontinuation due to tariffs, impacting boba tea lovers.
- Medications for anxiety and depression, important for many Gen Z individuals, could also be affected by tariffs on imports, potentially driving up costs and premiums for these essential drugs.
- Overall, Trump's tariffs are expected to disproportionately impact Gen Z, who may end up paying more for a range of products from beauty items to mental health medications due to increased costs caused by tariffs.
- The elimination of the 'de minimis' exception will further contribute to increased costs for Gen Z, as it removes the duty-free rule previously applied to a significant percentage of consumer goods imported into the US.
- In essence, younger individuals, particularly those in Gen Z, are likely to face the most significant financial burden from Trump's tariffs, affecting their spending on various essential and preferred products.
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