There's 'overwhelming evidence' tariffs have raised consumer prices, says Bank of America

Source: yahoo.com


nredmond@insider.com (Nora Redmond) • 8h

Analysts at the Bank of America said tariffs have raised prices for consumers.
They wrote in a note that consumers have covered about 50% to 70% of the cost of levies to date.

This suggests tariffs will continue to put "upward pressure" on inflation, they said.
For the Bank of America, President Donald Trump's levies have boosted consumer inflation, and there's no uncertainty about that.

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Since Trump unveiled his "Liberation Day" tariffs on April 2, while some trade deals have been negotiated with partners, such as the UK and the European Union, rates on other countries, like China and Canada, have remained elevated.


However, many economists warned that the cost of the levies would be passed on to consumers. Research from S&P Global last month found that Trump's tariffs will cost businesses $1.2 trillion this year, with shoppers ultimately bearing the brunt.............................


Read more: https://ca.finance.yahoo.com/news/theres-overwhelming-evidence-tariffs-raised-194746402.html

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Link to tweet

WASHINGTON, DC - APRIL 02: U.S. President Donald Trump holds up a chart while speaking during a "Make America Wealthy Again" trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. Touting the event as "Liberation Day", Trump is expected to announce additional tariffs targeting goods imported to the U.S. Chip