Goldman Sachs has issued a dire warning to American consumers already feeling the pain of President Donald Trump’s tariffs: Things are about to get worse. Economists at the investment bank say that while U.S. companies have—until now—borne the brunt of the president’s trade war, that burden is likely to shift to consumers as time goes by and companies look to balance their losses by jacking up prices. While the average supermarket shopper is currently absorbing around 22 percent higher costs, Goldman’s analysts say that share will likely rise to just shy of 70 percent if current rates follow the pattern of historic trends. Trump, meanwhile, has been frank about what he thinks of the impact his trade policies may have on the American people. “WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!),” he wrote in a February Truth Social post. “IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID.”
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