Economists Warn Higher Tariffs Will Hit Consumers Hard
TL;DR Summary
Economists, including Goldman Sachs, warn that rising tariffs are likely to increase consumer inflation by 1-1.5%, potentially impacting GDP and prompting the Federal Reserve to consider rate cuts despite concerns about inflation stickiness and a weakening labor market.
- As Trump berates Goldman, other economists agree that higher tariff inflation is coming CNBC
- Goldman stands by call that consumers will bear the brunt of tariffs after Trump blasts bank's economist CNBC
- Goldman Sachs doubles down on tariff research that infuriated Trump, saying average Americans will bear two-thirds of the costs Fortune
- Tariffs increased food and clothing costs in May and June Quartz
- Household budgets could feel a tighter squeeze with new round of tariffs WWBT
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