Goldman Sachs doubles down on tariff research that infuriated Trump, saying average Americans will bear two-thirds of the costs

Economy·Tariffs and tradeGoldman Sachs doubles down on tariff re that infuriated Trump, saying average Americans will bear two-thirds of the costsBy Nick LichtenbergBy Nick LichtenbergFortune Intelligence EditorNick LichtenbergFortune Intelligence EditorNick Lichtenberg is Fortune Intelligence editor and was formerly Fortune's executive editor of global news.SEE FULL BIO Goldman Sachs CEO David Solomon.Brent Lewin/Bloomberg via Getty ImagesGoldman Sachs is refusing to back away from its analysis that Americans—not foreign exporters or overseas governments—are bearing the majority of costs from President Donald Trump’s sweeping tariffs

The Wall Street giant doubled down this week on chief economist Jan Hatzius’ re as inflation data showed a jump in consumer prices and the political backlash from the White House intensified

Goldman’s report, published on Sunday, maintains that while U.S. es have so far shouldered most of the financial pain from tariffs, the picked up by everyday Americans is set to rise sharply

Trump’s rejection—and personal attack Trump has responded with a barrage of posts, interviews, and public statements disputing Goldman’s findings

He insists “trillions of dollars are being taken in on tariffs,” arguing companies and governments abroad—not U.S. households—are paying most of the bill

On Tuesday, Trump accused Goldman of consistently missing the mark on both market repercussions and the tariff effects. “David Solomon and Goldman Sachs refuse to give credit where credit is due,” Trump wrote on Truth Social. “They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just they are wrong so much else.” Analysts say Trump’s attacks on Wall Street figures, coupled with his vocal push for Federal Reserve rate cuts, reflect a calculated strategy to undermine critics and reinforce a -tariff narrative—even as evidence mounts that consumers face rising prices at the register

Financial experts warn ignoring the pass-through effect of tariffs onto consumers could muddle the debate on inflation, especially as the Federal Reserve and investors gauge long-term risks

While the president’s advisers and some Trump administration officials contend there’s no hard evidence tariffs have caused inflation, analysts aside from Goldman Sachs—including those at Morgan Stanley and the Committee for a Responsible Federal Budget—say the true burden will only become more apparent as new rounds of tariffs embed themselves deeper in the supply chains and pricing structures

For this story, Fortune used generative AI to help with an initial draft

An editor verified the accuracy of the information before publishing

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