Deutsche Bank has reported that the costs of tariffs imposed by former President Donald Trump are primarily being absorbed by American importers rather than foreign exporters. According to George Saravelos, global head of FX research at Deutsche Bank, U.S. companies are currently bearing the financial burden through reduced profit margins, which has so far kept consumer prices relatively stable. However, there are indications that price increases for consumers may be forthcoming. Procter & Gamble, the parent company of brands such as Charmin and Tide, has forecasted annual results below expectations and announced plans to raise prices on some products in the U.S. starting next week to offset tariff-related costs. The company estimates that the tariffs will cost about $800 million after tax, representing over 1% of its net sales of $84.3 billion for the fiscal year ending in June. The effective U.S. tariff rate is anticipated to be between 15% and 20%, which may dampen economic growth domestically and internationally, although tariff revenues are currently benefiting U.S. government income. Research from Goldman Sachs suggests that tariffs have contributed to a cumulative 0.2% increase in consumer prices so far, with larger effects expected in the future.