(Washington, DC-AP) — President Trump insists that China is paying the tariffs that he has imposed in the trade war with Beijing, but Goldman Sachs disagrees. The U.S. bank claims the costs of U.S. tariffs are falling entirely on American businesses and households.
Goldman warns that the impacts on U.S. consumer prices will get worse if the dispute is not resolved. Stocks have tumbled in recent days amid fears that the trade war is growing, with no end in sight.
The U.S. and China have the world’s two biggest economies.