IP Law Daily, VITAL BRIEFING—Goldman economist says Americans to pay most tariff burden, (Aug 15, 2025)

By Brad Rosen

The U.S. Chamber of Commerce recently observed that businesses are slowly beginning to raise prices according to its own bi-weekly survey results, while the federal government collected $1.9 billion in new tariffs on food over just a two-month period.

In this Vital Briefing installment, Thomas Thompson explores the thorny and complicated issue of just who has been on the hook for the sweeping menu of tariffs imposed by the Trump administration, and who will shoulder that burden going forward.

While a recent Goldman Sachs analysis found that U.S. consumers had absorbed 22% of tariff costs through June, that figure will likely rise to 67% by October, according to the report author. Moreover, Goldman anticipates that more companies plan to pass tariffs on to consumers as foreign exporters grow increasingly reluctant to “eat” the price hikes.

Meanwhile, President Trump challenged the report, asserting that it has been proven that the tariffs have not led to any inflation or other problems for the Americans people, other than, “massive amounts of CASH pouring into our Treasury’s coffers.” Further, the president steadfastly maintains that consumers are not paying for the tariffs, but rather it is mostly foreign companies and governments that are picking up the tabs.

Another factor complicating the overall picture are exemptions. According to Bloomberg, more than $1.1 trillion worth of goods have been exempted from tariffs, with about $400 billion of imports continuing to be exempt under the U.S.-Mexico-Canada free trade agreement. Another $750 billion worth of goods from other countries are also exempt, including laptops and smartphones, as well as pharmaceuticals, if only on a temporary basis.

To read the article, click Goldman economist says Americans to pay most tariff burden.

MainStory: IndustryNewsTrends