Goldman Sachs economists have analyzed the impact of tariffs imposed under President Donald Trump's administration and found that while U.S. companies have absorbed the majority of the tariff costs through June 2025, the burden on consumers is expected to rise substantially. According to the analysis, foreign exporters absorbed 14% of the tariff costs, U.S. companies bore 64%, and U.S. consumers absorbed 22% as of mid-2025. However, if the latest tariffs follow the pattern of earlier levies, consumers could eventually shoulder up to 67% of the costs. This shift is anticipated as companies raise prices to offset losses, leading to increased costs for American households. The tariffs have contributed about 0.2% to personal consumption expenditures (PCE) inflation so far, with projections indicating this could rise to 0.66% by the end of the year. Core inflation is also expected to reach 3.2%. Major U.S. companies such as Walmart, Nike, Ford, Macy's, Black & Decker, Procter & Gamble, Adidas, and fast fashion retailers Shein and Temu have already announced price increases attributed to tariffs, which directly impact consumer prices. Despite criticism from President Trump, including calls for Goldman Sachs to dismiss the bank's chief economist, Goldman Sachs has reaffirmed its forecast that American consumers will bear the brunt of the tariff costs. The analysis underscores the growing economic pressure on U.S. households as tariff-related price increases become more pronounced in the coming months.