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US consumers shouldering 55 percent of Trump tariff costs: Goldman Sachs
Goldman Sachs economists estimate US consumers will bear 55% of tariff costs, while businesses and foreign exporters absorb 22% and 18%, respectively.
- On Sunday, Goldman Sachs economists found U.S. consumers will end up paying more than half of President Donald Trump's tariffs, already shouldering 55% six months in.
- Over the past six months the administration imposed tariffs on copper, steel, aluminum and some automobiles and auto parts, with rates up to 28% on China and 16% on much of the rest of the world.
- Importers pay the tariffs at customs and can absorb costs or pass them to consumers, while foreign exporters sometimes cut prices; U.S. businesses likely bear more costs initially, Goldman Sachs said.
- Revenue figures and inflation projections show tariffs totaled more than $31 billion in September and analysts warn levies could lift inflation to 3% by December.
- With Friday's tariff threats intensifying, analysts note their latest estimates exclude Trump’s threat to raise China duties and the U.S. Supreme Court will hear arguments Nov. 5, adding uncertainty.
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The Unseen Cost of Tariffs: U.S. Firms and Consumers Bear the Brunt
The Unseen Cost of Tariffs: U.S. Firms and Consumers Bear the Brunt Contrary to President Donald Trump's predictions, U.S. companies and consumers are shouldering the costs of new tariffs, a reality complicating the Federal Reserve's efforts to combat inflation. Initial findings indicate that while the president anticipated foreign exporters would absorb these expenses, it is largely American firms paying the price and passing some of the costs …
·India
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U.S. consumers bearing more than half the cost of tariffs so far, Goldman Sachs says
Six months into President Donald Trump’s unprecedented gambit to impose sizable tariffs on imports, U.S. consumers are already shouldering as much as 55% of their costs, according to a new report from Goldman Sachs analysts
·United States
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Total News Sources27
Leaning Left7Leaning Right7Center6Last UpdatedBias Distribution35% Left, 35% Right
Bias Distribution
- 35% of the sources lean Left, 35% of the sources lean Right
35% Right
L 35%
C 30%
R 35%
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