Goldman Sachs have assembled what they say is early analysis only of where tariffs are hitting pockets. Data as of June 2025, so yeah, still early:
- Foreign exporters have absorbed about 14% of US tariffs,
- while American companies have taken on 64%
- and consumers 22%, with protected domestic firms also raising prices
- and consumer costs projected to jump a further 70% through the autumn.
JP Morgan say that they see indications of an impact from tariffs only beginning to show up:
- goods prices rising
- consumption is slowing
