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US Consumers Paying the Most for Tariffs: Wall Street Giant’s Report Exposes Trump Lies
The report from investment bank Goldman Sachs comes as President Donald Trump is piling up even more tariffs on imported goods.
Oct 14, 2025
New research from investment bank Goldman Sachs affirms, as progressive advocates and economists warned, that US consumers are bearing the brunt of President Donald Trump's trade wars.
As reported by Bloomberg on Monday, economists at Goldman released an analysis this week estimating that US consumers are shouldering up to 55% of the costs stemming from Trump's tariffs, even though the president has repeatedly made false claims that the tariffs on imports exclusively tax foreigners.
Goldman's research also found that US businesses will pay 22% of the cost of the tariffs, while foreign exporters will pay just 18% of the cost. Additionally, Goldman economists estimate that Trump's tariffs "have raised core personal consumption expenditure prices by 0.44% so far this year, and will push up the closely watched inflation reading to 3% by December," according to Bloomberg.
Despite all evidence that US consumers are shouldering the costs of the tariffs, the Trump administration has continued to insist that they are exclusively being paid by foreign countries.
During a segment on NBC's "Meet the Press" last month, host Kristen Welker cited an earlier Goldman estimate that 86% of the president's tariffs were being paid by US businesses and consumers, and then asked US Treasury Secretary Scott Bessent if he accepted that the tariffs were taxes on Americans.
"No, I don't," Bessent replied.
“Goldman Sachs says 86% of the tariffs have been paid by American businesses & consumers. Do you acknowledge that these tariffs are a tax on Americans?” - NBC
“No I don't.” - Scott Bessent
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— Spencer Hakimian (@SpencerHakimian) September 7, 2025
As Common Dreams reported in August, executives such as Walmart CEO Doug McMillon have explicitly told shareholders that while they are able to absorb the cost of tariffs, Trump's policy would still "result in higher prices" for customers.
Goldman's report comes as Trump is piling up even more tariffs on imported goods that will ultimately be paid by US consumers as companies raise prices.
According to The New York Times, tariffs on a wide range of products including lumber, furniture, and kitchen cabinets went into effect on Tuesday, and the Trump administration has also "started imposing fees on Chinese-owned ships docking in American ports."
The administration has claimed that the tariffs on lumber are necessary for national security purposes, although some experts are scoffing at this rationale.
Scott Lincicome, vice president of general economics at libertarian think tank the Cato Institute, told the Times that the administration's justification for the lumber tariffs are "absurd."
"If war broke out tomorrow, there would be zero concern about American ‘dependence’ on foreign lumber or furniture, and domestic sources would be quickly and easily acquired," he said.
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Corporations, Not Immigrants, Are Driving a US Crime Wave
Even the Cato Institute found that incarceration rates for immigrants are far lower than those for the native-born.
Sep 28, 2025
Fear of street crime and criminals is a politically charged issue. Politicians stoke that fear to gain the consent of voters, from the anti-Black Willie Horton commercial ads of US GOP President George H. W. Bush against Democrat Michael Dukakis in the presidential campaign of 1988 to President Donald Trump’s 2016 and 2024 successful runs for the White House. After decades of economic globalization and climate disruptions, the tough-on-crime platform has evolved from anti-Blackness to migrant demonization. While the former remains central to US politics, the latter demonizes the national origin of criminals, actual and fictional, right up to the president castigating immigration as an invasion creating social ruination at the United Nations recently.
How does such rhetoric match up with data on incarceration for immigrants and the native-born in the US.? We turn to a new study from the Cato Institute, a contributor to the Department of Government Efficiency, a wrecking ball on federal programs and workforce, and Project 2025, the Trump White House’s playbook for restructuring US democracy.
Cato scholars Alex Nowrasteh and Krit Chanwong analyzed annual data from the American Community Survey and found that incarceration rates for immigrants are far lower than those for the native-born.
To this end the duo plotted “the incarceration risk for individuals born in 1990 by immigration status. For the 1990 cohort, native-born Americans were 267% more likely to be incarcerated than immigrants by age 33. Eleven percent of native-born Americans in that year-born cohort have been incarcerated compared to just 3% of immigrants. Other countries really are sending their best.”
In contrast, White House border czar Tom Homan is involved with federal immigration raids that, according to him, are “targeting the worst of the worst.” Homan allegedly took $50,000 in a Federal Bureau of Investigation sting recently.
What about the incarceration risks for immigrants and native-born Americans who are Asian, Hispanic, Black, and white?
Immigrants born in 1990 had a significantly lower incarceration risk than native-born Americans for all races and ethnicities born in the same year. All (legal plus illegal) Hispanic, Asian, Black, and white immigrants as groups each have a lower incarceration rate than white native-born Americans. Asian illegal immigrants have the lowest incarceration risks at around 0.08%.
Here’s a reason why immigrants may have lower incarceration rates. “Noncitizen criminals who are incarcerated are deported after serving their sentences,” according to Alex Nowrasteh and Krit Chanwong, “which means they don’t respond to future American surveys because they are no longer on American soil. Put another way, our study measures whether the respondents have ever been incarcerated.”
All things equal, one thing is clear. Immigrants are not driving a crime wave in the US. There is a wave of corporate crime stateside, however, with companies such as Boeing and its 737 MAX aircraft crashes a case in point.
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Jayapal Slams ICE for Targeting Law-Abiding 'Moms, Dads, Grandparents'—Not Criminals
"ICE isn't going after the 'worst of the worst' like Trump promised," the progressive congresswoman said. "They're disappearing asylum-seekers, families, and relatives of citizens—many with no criminal record."
Jun 26, 2025
Progressive U.S. Congresswoman Pramila Jayapal on Thursday hosted a "shadow hearing" on Immigration and Customs Enforcement's targeting of asylum-seekers, families, relatives of American citizens, and other law-abiding people for deportation—policies and practices that belie President Donald Trump's claim that his administration would focus on removing undocumented criminals.
Jayapal (D-Wash.)—the ranking member of the House Judiciary Committee's Subcommittee on Immigration, Integrity, Security, and Enforcement and an immigrant—convened the panel, called Kidnapped and Disappeared: Trump's Weaponization of Immigration Courts. The shadow hearing "examined the disturbing trend of broad efforts to erode access to legal services and due process in immigration proceedings, especially as Immigration and Customs Enforcement (ICE) has been targeting immigrants showing up for legal proceedings—following the requirements set for them by courts."
"These actions are a direct attack on the legal immigration system and the people who are trying to follow all the legal steps."
A sampling of the more than 65,000 people arrested by ICE since Trump reentered office in January reveals people including a beloved resident of a staunchly pro-Trump town, a decorated combat veteran, a child with cancer, anti-genocide protesters, and a woman with an American husband and child who's lived in the U.S. for nearly 50 years.
While the Trump administration claims that "3 in 4 arrests were criminal illegal aliens," most people caught up in Trump's mass deportation drive have no criminal records or have only committed minor offenses including traffic violations. According to the libertarian Cato Institute, 65% of people taken by ICE had no criminal conviction whatsoever and 93% had no conviction for violent offenses.
"Republicans like to talk about how they support immigrants who quote 'do things the right way,'" Jayapal said during the hearing. "Now that they control Congress and the White House, they should be putting their money where their mouth is and ensuring that the legal immigration process remains open to those who pursue it—but that's not what's happening."
HAPPENING NOW: I’m hosting a shadow hearing on Trump’s undermining of due process.ICE is ramping up arrests at immigration courthouses, attacking the legal immigration system, and generating enormous fear in communities across America.Tune in now: www.youtube.com/watch?v=tqVC...
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— Congresswoman Pramila Jayapal (@jayapal.house.gov) June 26, 2025 at 5:44 AM
"They have arrested people at their citizenship interviews, their check-in appointments with Immigration and Customs Enforcement, and increasingly, at immigration court," Jayapal continued. "These actions are a direct attack on the legal immigration system and the people who are trying to follow all the legal steps."
"These actions only serve to make the immigration system even more chaotic and unjust than it already is," she added. "Just when you think this administration cannot sink any lower, they get out a shovel and keep digging."
House Democrats Judy Chu (Calif.), Jesús "Chuy" García (Ill.), Sylvia Garcia (Texas), Glenn Ivey (Md.), Henry C. "Hank" Johnson, Jr. (Ga.), Zoe Lofgren (Calif.), Jerrold Nadler (N.Y.), Delia Ramirez (Ill.), Mark Takano (Calif.), and Rashida Tlaib (Mich.) took part in Thursday's hearing.
Speakers on Jayapal's panel included retired immigration judge A. Ashley Tabaddor, National Immigrant Justice Center policy director Azadeh Erfani, Acacia Center for Justice chief of staff Bettina Rodriguez Schlegel, andImmigrant ARC interim director of programs Gillian Rowland-Kain.
Trump, Stephen Miller, and Tom Homan are arresting as many immigrants as possible — moms, dads, grandparents.ICE isn’t going after the “worst of the worst” like Trump promised. They’re disappearing asylum seekers, families, and relatives of citizens — many with no criminal record.
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— Congresswoman Pramila Jayapal (@jayapal.house.gov) June 26, 2025 at 9:31 AM
"Due process in a courtroom means that every part of the system functions fairly and in concert. That requires an independent judge, a level playing field, and a safe, accessible forum for all participants," Tabaddor said. "Yet noncitizens have no right to appointed counsel—even in life-or-death matters."
"Now, the Trump administration claims that immigration judges are effectively at-will employees, directly undermining their independence," she continued. "At the same time, immigration courts are being transformed into enforcement zones, deterring participation and eroding public trust."
"As a former judge, I can tell you: When even one part of the machine breaks—when judges are undermined, when legal support disappears, or fear keeps people from appearing—the entire system collapses," Tabaddor added. "And when that happens, it doesn't just fail immigrants. It fails all of us."
Erfani said: "Nothing is off the table for ICE to meet Trump's arrest quotas and build the largest mass detention system in recorded history. First, they took away all legal services so no one could represent themselves. Next, they raided the courts and took away access to judges. And lately, they have set traps at ICE check-in appointments, where individuals with pending cases trying to comply with their proceedings are shackled and disappeared into remote jails."
"As ICE tramples all semblance of due process and the rule of law, they are terrorizing our communities," she added.
Rodriguez Schlegel noted how "the Trump administration's attacks on due process have upended the lives and futures of our families, neighbors, and friends."
"In addition to the profound impact on our communities, ending legal access programs has further exacerbated the limited capacity of the immigrant legal services field," she said. "Alongside our inspiring network of legal service provider partners, we will continue to fight for these lifesaving programs to be restored so that families, children, and adults aren't forced to navigate our country's increasingly dehumanizing immigration system alone."
"As ICE tramples all semblance of due process and the rule of law, they are terrorizing our communities."
Stressing that "this is more than a policy shift," Rowland-Kain called the Trump administration's actions "a coordinated effort to sideline due process and deport people without giving them the opportunity to present their case."
"What should have been a space for due process is instead a site of fear," she said. "Masked and armed federal agents are arresting and intimidating people who attend court. Volunteers and attorneys are being surveilled. Every day, our members are in those courtrooms—often the only ones there to stand beside immigrants facing an unjust system. We will continue to do our work and to push back."
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