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According to Goldman Sachs' research, the impact of Trump's tariff measures on consumer prices has only just begun, adding more uncertainty to the already volatile U.S. bond market, which has been shaken by changing expectations regarding interest rate cuts. U.S. companies have so far borne most of the impact of Trump's tariffs, but as companies raise prices, this burden will increasingly be passed on to consumers. As of June, U.S. consumers are estimated to have borne 22% of the tariff costs, but if the latest tariffs follow the collection patterns of the past few years, this proportion will rise to 67%
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