US consumers will end up paying for more than half of President Trump’s tariffs by the end of the year, according to a note released Sunday by Goldman Sachs economists.

American consumers will shoulder 55% of tariff costs, while US companies will take on 22% and foreign exporters will absorb 18% by slashing prices on their goods, economists including Elsie Peng and David Mericle wrote in the note.

“US businesses are likely bearing a larger share of the costs” as they aim to raise prices gradually, the economists said. 3

“If recently implemented and future tariffs have the same eventual impact on prices as the tariffs implemented earlier this year, then US consumers would eventually absorb 55% of tariff costs.”

The wide-ranging levies will likely hike the inflation rate to 3% – wel

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