American citizens will have to pay a 55% tariff, according to Goldman Sachs report.
American Citizens Will Have To Pay A 55% Tariff: Six months after US President Donald Trump's new tariff policy, a Goldman Sachs report claims that American consumers are now paying up to 55% of import tariffs, and this figure could soon reach 70%. According to this report US consumers are paying more than half of Donald Trump's tariffs. This means that Americans are facing a situation of earning a pittance and spending a rupee.
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Consumers now bear the burden of up to 55% of import tariffs, which could rise to 70%. The tariffs have increased the prices of everyday goods, and inflation is expected to rise again.
Earning a pittance, spending a rupee!.
The Trump administration implemented these tariffs to economically hurt China, but according to the report, they are now directly impacting the pockets of American consumers. Since Trump's "Liberation Day" speech in April, prices of everything from furniture to food and beverages have risen steadily.
Americans are bearing the brunt of Trump's tariffs.
Goldman Sachs says that if Trump implements his new tariff threats, inflation will rise again, further exacerbating the hardships of ordinary people. The report states that so far, the Trump administration has imposed heavy tariffs on copper, steel, aluminum, and auto parts. Tariffs of up to 28% have been imposed on China and up to 16% on other countries.
Consumer Price Index Rising Since April.
According to the US Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) has been rising steadily since April, reaching 2.93% in August. A different measure used by the Federal Reserve has also reached 2.7%, above the 2% target.
Trump administration may focus on nutrition assistance programs.
The report also states that while the Trump administration is promising to reduce inflation, there are currently no signs of a price drop. Meanwhile, the White House plans to use some of the billions of dollars in tariff revenue to fund nutrition assistance programs that have been affected by the government shutdown.
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