Goldman Sachs said the cost of tariffs imposed by President Donald Trump last year against Chinese goods has fallen “entirely” on American businesses and households, with a greater impact on consumer prices than previously expected.
The bank said in a note that consumer prices are higher partly because Chinese exporters have not lowered their prices to better compete in the U.S. market.
Trump has repeatedly — and inaccurately — claimed that China will pay for tariffs imposed by the U.S.
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