Today (10/13/2025) in The Boock Report, Peter Boockvar reported Goldman Sachs’ take on who’s paying the tariffs. “If recently implemented and future tariffs have the same eventual impact on prices as the tariffs implemented earlier this year, then US consumers would eventually absorb 55% of tariff costs. They estimate that US companies are eating 22% of them while foreign exporters are getting stuck with 18%. The balance of 5% is being dodged via whatever methods…” There are, or at least used to be, some people out there who believe that somehow the seller pays the tariff. To the extent exporters lower their prices, that’s true. But as you see, Goldman thinks most of it is on consumers or importers who swallow the cost. A tariff is a tax. Full stop.