US Edition
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.
56 Articles
56 Articles
Goldman Sachs: Consumers Are Carrying Largest Burden From Trump Tariffs
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… Source
US consumers shouldering 55% of Trump tariff costs: Goldman Sachs
(The Hill) -- A new Goldman Sachs analysis says American consumers will shoulder 55 percent of the costs from President Donald Trump’s tariffs this year. American businesses and foreign exporters will take on 22 percent and 18 percent of the costs, respectively, while 5 percent of the costs will be evaded. Goldman Sachs economists added in the report, published Sunday, that American firms will pass on their costs to consumers over the next few m…
Trump's new tariffs on imported lumber, furniture go into effect today
President Trump's new tariffs on imported lumber and furniture are going into effect today. A new report from Goldman Sachs finds that U.S. consumers are bearing more than half the cost from the tariffs so far. Director of Economics at the Budget Lab at Yale University Ernie Tedeschi joins Erielle Reshef to break down the impact on Americans.
Coverage Details
Bias Distribution
- 40% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
