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.
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
pic.twitter.com/6wtAznhpCc
— 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.
