"Nobody to pick them"... Florida farmers plow their tomatoes under.

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87. Goldman Sachs exposes trump's huge lie that foreign countries are paying his tariffs and not US consumers

It is US consumers who are paying tariffs.

Link to tweet

Goldman Sachs kicks Donald Trump hard in the teeth with a new report that exposes his huge lie that foreign countries are paying his tariffs — when reality it's American consumers......

According to the bombshell analysis, U.S. consumers are already paying 55% of the tariff costs just six months into their implementation. Trump and his minions have repeatedly claimed, despite pushback from economic experts, that other countries would simply "eat" the tariffs. We now see beyond a shadow of a doubt that that is not the case.

Since April when Trump first announced his harebrained tariffs, consumer prices have steadily increased every month, eating into the wages and savings of American workers via inflation. As if that weren't bad enough, some companies may have been using pre-tariff inventories to keep prices artificially low. As those stockpiles run out, they'll be forced to raise prices to offset the tariffs.

Goldman Sachs also predicted that costs will likely rise even higher now that Trump is considering another wave of disastrous tariffs. True to ignorant form, he refuses to look at the effects of his policies or to reconsider his prior economic assumptions. There is no scenario in which this man admits that he was wrong.

The analysis estimates that the Trump tariffs have added a whopping 0.44% to the Fed's preferred inflation measure, a staggering increase when considered in the total scope of the U.S. economy. Hard working Americans are getting hammered. If Trump follows through on threats to tariff furniture and kitchen products, that number could rise to 0.6%. If that happens, consumers will bear 70% of the tariffs' cost.