Goldman Sachs doubles down on tariff research that infuriated Trump, saying average Americans will bear two-thirds of the costs [Fortune]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Fortune
The Wall Street giant doubled down this week on chief economist Jan Hatzius' research as inflation data showed a jump in consumer prices and the political backlash from the White House intensified. Goldman's latest report, published on Sunday, maintains that while U.S. businesses have so far shouldered most of the financial pain from tariffs, the share picked up by everyday Americans is set to rise sharply. As of June, consumers had absorbed 22% of total tariff costs, Hatzius calculated, adding the number is projected to leap to 67% by October if the pattern seen in early rounds of Trump's trade actions continues. For businesses, the burden will shrink from 64% down to 8%, while foreign suppliers will see a modest uptick from 14% to 25% of the tariff impact. In reaction to the report, Trump erupted in fury on Tuesday , lambasting Goldman CEO David Solomon and, without naming him, Hatzius. “We stand by the results of this study,” Goldman economist David Mericle told CNBC's Squawk
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GS
Earnings
- 10/14/25 - Beat
GS
Sec Filings
- 12/23/25 - Form 424B2
- 12/23/25 - Form FWP
- 12/23/25 - Form FWP
- GS's page on the SEC website