A new Goldman Sachs analysis says American consumers will shoulder 55 percent of the costs from President Trump’s tariffs this year, according to multiple reports.
American businesses and foreign exporters will take on 22 percent and 18 percent of the costs, respectively. Goldman Sachs economists added in the report, published Sunday, that American firms will pass on their costs to consumers over the next few months.
"At the moment, however, U.S. businesses are likely bearing a larger share of the costs because some tariffs have just gone into effect and it takes time to raise prices on consumers and negotiate lower import prices with foreign suppliers," it said.
The Trump administration has imposed tariffs on trading partners around the world, impacting an assortment of products. While the president has claimed that foreign countries will pay the costs from the levies, the Bureau of Labor Statistics said last month that consumer prices in August were up 2.9 percent relative to August 2024.
During an interview with NBC News last month, Treasury Secretary Scott Bessent denied that tariffs are, effectively, a tax on American consumers.
In a statement to The Hill, White House spokesman Kush Desai said it is the administration's position that, "while Americans may face a transition period from tariffs upending a broken status quo that has put America Last, the cost of tariffs will ultimately be borne by foreign exporters.
"Companies are already shifting and diversifying their supply chains in response to tariffs, including by onshoring production to the United States. Americans can rest assured that the Administration will continue to deliver economic relief from Joe Biden’s inflation crisis while laying the groundwork for a long-term restoration of American Greatness," Desai added.
On Friday, Trump threatened increased levies on Chinese imported goods over Beijing requiring foreign entities to obtain a license to export products containing more than 0.1 percent of rare earths sourced or manufactured in China. Rare earth metals are used in products such as semiconductors and laptops.
In November, the Supreme Court will also hear appeals in multiple cases regarding whether Trump can impose the widespread tariffs under the International Emergency Economic Powers Act (IEEPA). The IEEPA, passed in 1977, gives the president the ability to regulate economic transactions in the event of a declared national emergency.
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