NEW YORK, Oct. 13 (Xinhua) -- U.S. consumers will shoulder more than half of the tariffs imposed by President Donald Trump this year, according to a report by Goldman Sachs analysts.
The report, published on Sunday, estimates that by year-end, 55 percent of the costs of the tariffs will be paid by U.S. consumers, 22 percent by U.S. businesses, 18 percent by foreign exporters, and 5 percent will be evaded.
"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 foreign suppliers," it said.
Unlike in 2019, the entirety of tariffs has not been passed along to consumers yet, since "companies might be waiting longer this time" before raising prices to see if tariffs will remain in place amid legal challenges, economists said.
According to the report, U.S. levies have raised core personal consumption expenditure prices by 0.44 percent so far this year, and will push up the closely watched inflation reading to 3 percent by December.
