SHOT: Trump’s tariff catastrophe is about to crush American families even harder. Goldman Sachs reveals that companies will triple the costs they pass onto consumers, from 22% today to a devastating 67% by October. Working families who are already struggling will get slammed with even higher prices while Trump’s chaotic agenda spirals out of control…
Quartz: U.S. consumers’ tariff fears may soon come to fruition, as businesses will start passing off more of the tariff price hits directly onto buyers, according to a new report. Through June, about 22% of tariff costs have been passed onto consumers, according to a Goldman Sachs analysis shared with Bloomberg. However, that number will rise to 67% if tariffs follow the same course as years prior, the firm said.
Business Insider: So far, consumers have absorbed just 22% of the tariff costs associated with this year’s increases, according to a new Goldman Sachs report published Sunday. But by October, that share could rise to 67%, if pricing patterns continue to follow those observed earlier in the year.
CHASER: …all while Trump throws a tantrum on social media instead of fixing his failing policies, demanding Goldman Sachs fire economists who dare tell the truth about his economic train wreck. And this isn’t the first time: Trump wants to fire anyone who won’t cook the books, axing Bureau of Labor Statistics Commissioner Erika McEntarfer right after she delivered devastating jobs numbers.
Wall Street Journal: President Trump on Tuesday appeared to call for Goldman Sachs Chief Executive David Solomon to replace the bank’s top economist over his past predictions, in his latest broadside against executives he believes are undermining his goals. Trump said on his Truth Social social-media platform that Solomon should “go out and get himself a new Economist” because the bank made a “bad prediction a long time ago” on the market and tariffs. The president asserted that tariffs haven’t caused inflation or other issues for the U.S. economy.
CNBC: President Donald Trump on Tuesday said Goldman Sachs CEO David Solomon should either replace the bank’s economist or “just focus on being a DJ,” days after Goldman’s chief economist warned that American consumers will pay for an increasing share of new tariffs.