Consumers are paying the costs for Trump's tariffs: New York Fed
1. Higher tariffs raise input costs for 90% of manufacturers, impacting S&P 500. 2. Approximately 75% of service firms see price increases due to tariffs. 3. Expectations on future tariffs remain uncertain and volatile for businesses. 4. Businesses rapidly pass on costs to consumers, affecting inflation and margins. 5. Tariff-induced supply chain disruptions lead to strategic relocations by firms.