Many companies plan to pass tariff costs on to consumers, economic data shows
CBSN
President Trump claims that other countries and exporters to the U.S. will largely pick up the cost of tariffs. Yet recent data shows that companies are moving to pass along those added expenses to American consumers, threatening to push up prices.
According to recent survey data from Apollo Global Management chief economist Torsten Sløk and the Federal Reserve Bank of Dallas, for example, 76% of Texas manufacturers said they plan to pass tariff-related costs to consumers, while 50% say they will absorb costs internally. Large retailers have also warned that steep new levies on U.S. imports are likely to drive up prices.
"The bottom line is that inflation will be rising significantly over the next six months," Sløk wrote in a recent blog post.
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