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

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