The tariffs have pushed consumer prices up every month since April
Consumers in America are shouldering up to 55% of the cost of imported goods amid President Donald Trump’s unprecedented tariffs, according to a new Goldman Sachs report.
President Trump’s tariffs cover copper, steel, aluminum, cars, and parts, with country-specific rates up to 28% on China and 16% on other nations.
Prices have risen every month since April, when Trump announced the new duties in his “Liberation Day” speech.
Inflation remains above healthy levels despite easing from post-COVID peaks.
The Bureau of Labor Statistics’ Consumer Price Index hit 2.93% in August, and the Federal Reserve’s preferred inflation measure reached 2.7%.
The administration emphasizes that the tariffs have generated over $215 billion in revenue so far, including $31 billion in September, and encourages companies to shift supply chains to the US.
Analysts warn that the new tariffs on furniture, kitchen products, and a potential doubling of China tariffs could push consumer costs to 70%, intensifying financial pressure on households.