The bank said that other producers have increased prices to benefit from the trade war.
While President Donald Trump continues to assert that China will pay for tariffs levied by the U.S., Goldman Sachs said that the cost of tariffs levied last year"have fallen entirely on U.S. businesses and households."
The comments from Goldman Sachs cited a widely referenced study from the Federal Reserve Bank of New York and Columbia and Princeton universities, which found that U.S. companies were paying $3 billion more in taxes due to the tariffs. Oxford Economics said that the Trump administration's decision to raise tariffs from 10 percent to 25 percent on $200 billion of Chinese goods, which was announced on Friday, would cost the economy $62 billion in economic output.
China announced on Monday that it would increase tariffs on 4,000 products in retaliation for the tariffs announced by the U.S. last week, according to The Guardian. The hikes declared by the Chinese will affect goods that were initially hit with five percent tariffs last year after Trump levied 10 percent tariffs against the $200 billion of goods.
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