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Goldman Sees US Consumers Paying More Than Half of Trump Tariffs

Katia Dmitrieva

Mon, October 13, 2025 at 2:46 AM PDT 2 min read

 

(Bloomberg) -- Americans are set to pay more than half of President Donald Trump’s tariff costs as companies raise prices, according to economists of Goldman Sachs Group Inc.

US consumers will likely shoulder 55% of tariff costs by the end of the year, with American companies taking on 22%, the Goldman analysts wrote in an Oct. 12 research note to clients. Foreign exporters would absorb 18% of tariff costs by cutting prices for goods, while 5% would be evaded, they wrote.