Goldman Sachs(US:GS) Xin Hua Wang·2025-10-15 05:44Core Insights - According to a recent report by Goldman Sachs, by the end of this year, American consumers are expected to bear 55% of the tariff costs [1] - The report indicates that U.S. businesses may absorb 22% of the tariff costs, but the ultimate burden will shift to consumers as price adjustments take time [1] - The U.S. tariff policy has led to a 0.44% increase in core personal consumption expenditures this year and is projected to raise the inflation rate to 3% by December [1] Consumer Impact - The report highlights that despite claims from President Trump that trade partners bear the tariff costs, U.S. importers are responsible for paying tariffs imposed by U.S. Customs and Border Protection [1] - The cost transfer from businesses to consumers results in higher prices for goods [1] Business Response - Goldman Sachs previously indicated that the share of tariff costs borne by American consumers is increasing [1] - In response to the report, President Trump suggested that Goldman Sachs economists should be replaced, indicating a disagreement with the findings [1]