AsianFin -- While US companies have borne the majority of the costs from tariffs imposed during the Trump administration so far, the financial burden is expected to increasingly shift to American consumers, according to a report by Goldman Sachs.

The report, authored by Goldman analysts including Jan Hatzius, states that as of June, US consumers have absorbed about 22% of the tariff costs. However, if recent tariffs follow historical patterns, that share could rise to 67%.

To date, US businesses have shouldered roughly 64% of the tariff expenses, but their share is projected to fall below 10%. Foreign exporters currently cover about 14% of the costs, with their share potentially increasing to 25%.

Overall, Goldman Sachs forecasts that inflation in the US will rise for the remainder of the year. Assuming a baseline core inflation rate of 2.4% excluding tariff impacts, the firm expects core personal consumption expenditures (PCE) inflation to reach 3.2% year-over-year by December.