U.S. consumers may face cost implications of up to 60% from imported tariffs, according to JPMorgan Chase, but Yale economists predict a higher burden.
Headline: Consumers to Bear Majority of Tariff Costs, According to Financial Experts
In the world of finance and economics, predictions are being made about the distribution of tariff costs between businesses and consumers. According to JPMorgan Chase and the Yale Budget Lab, the financial burden of tariffs is primarily borne by consumers rather than businesses.
JPMorgan Chase estimates that approximately 60% of tariff costs are passed on to consumers, while businesses absorb the remaining 40% initially[1]. However, the Yale Budget Lab projects that this consumer share is likely to increase significantly, potentially reaching 80–90% in the coming months, as companies eventually pass more of the cost onto shoppers once tariff policies stabilize[1].
This suggests that while businesses may initially absorb some costs to protect market share, over time, tariffs generally translate into higher prices paid by consumers[1].
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Ernie Tedeschi, director of economics at the Yale Budget Lab, expects the consumer pass-through effect to rise gradually over time.
[1] Sources: JPMorgan Chase, Yale Budget Lab.
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