Get Ready to Pay More: Tariffs Set to Hit US Shoppers Hard by Fall

American shoppers, brace yourselves — the price tags on everything from laptops to SUVs could be getting fatter, and fast.

A new Goldman Sachs report says US consumers have so far dodged most of the pain from President Donald Trump’s sweeping import tariffs, but that’s about to change. Right now, shoppers are shouldering roughly 22% of the extra costs from this year’s tariff hikes. By October, Goldman thinks that could jump to 67% as more companies push price hikes onto store shelves.

Since retaking office, Trump has slapped a baseline 10% tariff on all imports, layered on extra charges for specific countries, and rolled out targeted duties on big-ticket goods like cars. While US businesses have been absorbing the bulk of the hit — about 64% so far — many are done eating the cost. The Conference Board says nearly two-thirds of CEOs now plan to pass those costs to consumers.

Foreign exporters haven’t been entirely spared either, cutting prices enough to cover roughly 14% of tariff costs. But that generosity only goes so far — Goldman expects their share of the burden to rise slightly, while US shoppers’ share rises sharply.

Already, the impact is showing up in the numbers. Tariffs have pushed prices in import-heavy categories like appliances and electronics up about 7.5 percentage points more than they would’ve without the duties. Goldman estimates the tariffs have added 0.20% to the Fed’s preferred inflation gauge (core PCE) so far and could tack on another 0.66% before year-end, pushing it to 3.2% — well above the Fed’s 2% target.

The timing couldn’t be worse for the central bank. Fed policymakers are weighing whether to cut rates in September amid signs the economy is slowing, but a wave of tariff-fueled price increases could make that call politically and economically tricky.

For shoppers, though, the math is simple: whether you’re buying a fridge, a car, or a new phone, you’ll be paying more this fall — and not because the product got any better.

With input from Business Insider, FOX Business, and Fortune.