Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
NEW YORK, Oct. 14 (Xinhua) — American consumers will bear more than half the cost of tariffs imposed by U.S. President Donald Trump this year, according to a report from Goldman Sachs analysts.
By the end of the year, 55 percent of tariffs will be paid by American consumers, 22 percent by American businesses, 18 percent by foreign exporters, and 5 percent will not be paid at all, according to a report released Sunday.
“However, U.S. businesses are likely to bear a larger share of the costs at this time because some tariffs have only just taken effect and it takes time to raise prices for consumers and negotiate lower import prices with foreign suppliers,” the report said.
Economists say that, unlike in 2019, all tariffs have not yet been passed on to consumers because "this time, companies may wait longer" before raising prices to see if the tariffs will remain in place after the legal battle.
According to the report, taxes in the US have increased base prices of personal consumption goods by 0.44 percent this year, and inflation will rise to 3 percent by December. –0–
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