“But the policies they’ve chosen have created extra costs for businesses, & businesses tend to pass on costs,” Sahm added.
The cost of #Trump’s policies is likely to increase in the coming months.
His most inflationary policy is his campaign to build a wall of #tariffs around the US #economy. Tariffs are #taxes on imports, & they are *initially* paid by the businesses that bring goods into the #US.
#FactCheck #TrumpLies #inflation #affordability #CostOfLiving #recession #trumpcession
In the early months of #Trump’s term, importers mostly absorbed those #costs rather than raising #prices to recoup the money from #consumers. Some companies said they were waiting to see if the #tariffs would last. As time has passed, companies increasingly have shifted the costs of the tariffs to their customers. Goldman Sachs estimates that the share of tariff costs borne by consumers has increased from 22% in April to 55% in Oct, & that it will continue to rise, reaching 67% by mid next year.