"New research from investment bank Goldman Sachs affirms, as progressive advocates and economists warned, that US consumers are bearing the brunt of President Donald Trump's trade wars. As reported by Bloomberg on Monday, economists at Goldman released an analysis this week estimating that US consumers are shouldering up to 55% of the costs stemming from Trump's tariffs, even though the president has repeatedly made false claims that the tariffs on imports exclusively tax foreigners."
"Goldman's research also found that US businesses will pay 22% of the cost of the tariffs, while foreign exporters will pay just 18% of the cost. Additionally, Goldman economists estimate that Trump's tariffs "have raised core personal consumption expenditure prices by 0.44% so far this year, and will push up the closely watched inflation reading to 3% by December," according to Bloomberg."
Goldman Sachs economists estimate that US consumers are bearing up to 55% of the costs stemming from the tariffs imposed under President Donald Trump. The analysis finds US businesses absorb about 22% and foreign exporters pay roughly 18% of tariff costs. The tariffs have raised core personal consumption expenditure prices by 0.44% so far this year and are projected to push the inflation reading to about 3% by December. The Trump administration has continued to assert that tariffs are paid exclusively by foreign countries despite evidence of significant domestic cost burdens. Media questioning has highlighted earlier estimates attributing 86% of tariff costs to US consumers and businesses.
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