U.S. consumers to pay 55% of tariff costs, Goldman Sachs says

(The Center Square) – U.S. consumers will end up paying the bulk of the cost for President Donald Trump's tariffs , according to a report from Goldman Sachs.

The report undercuts repeated claims from the White House that foreign nations will pay the costs of the new import duties.

Goldman Sachs economists said American consumers will pay 55% of tariff costs, U.S. businesses will pay 22% and foreign exporters will pay 18%.

Goldman Sachs economists said U.S. firms are expected to pass costs onto consumers in the coming months , according to media reports .

"At the moment, however, U.S. businesses are likely bearing a larger share of the costs because some tariffs have just gone into effect and it takes time to raise prices on consumers and negotiate lower import prices with for