Dear john,
This week, Goldman Sachs published a worrying analysis about the impact of Trump's tariff policies.
Through June, they found that U.S. businesses absorbed 64% of the costs. Consumers took on 22% of the tariffs, while foreign exporters, by lowering their export prices, absorbed 14%.
However, economists are predicting that to change soon, with U.S. consumers absorbing two-thirds of the cost increases, compared with 25% for foreign businesses and 8% for U.S. companies.
At a time when inflation persists, it appears Trump's tariff policies aren't doing anything to mitigate rising costs for Americans.