Goldman Sachs maintains that, contrary to claims of foreign entities absorbing costs, American consumers are increasingly facing the financial impact of tariffs. Currently, consumers bear 22% of tariff costs, projected to increase to 67% by October. In contrast, U.S. businesses will see their burden decrease from 64% to 8%, while foreign suppliers will experience a slight increase from 14% to 25%. Overall inflation is forecasted to rise as a consequence of the tariffs, anticipating a core PCE inflation of 3.2% by year's end, largely driven by trade measures.
Goldman Sachs' analysis indicates that as of June, American consumers absorbed 22% of total tariff costs, a figure set to rise to 67% by October.
Tariff burdens on U.S. businesses are predicted to drop from 64% to 8%, while the share for foreign suppliers increases from 14% to 25%.
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