Tariff Costs Borne by Consumers Could Triple by Year-End: Goldman Sachs

The investment bank projects pass-through to households will rise from 22 percent to 67 percent as the cost burden shifts from businesses to households.

People shop at a grocery store in New York City on March 12, 2025. Samira Bouaou/The Epoch Times

American consumers have absorbed roughly 22 percent of the costs from President Donald Trump’s tariffs through June, but that is expected to swell to 67 percent by year‑end if the pattern of past levies holds, Goldman Sachs economists said in a note this week.

Businesses have so far carried around 64 percent of the costs, and foreign exporters about 14 percent, according to the analysis led by Jan Hatzius.