---
title: Goldman Sachs analysis suggests that the share of tariff costs that fell on consumers rose from 0% in the first month of implementation to 10% after two months.
description: "It then rose to 40% after three months, it is still too early to see the full pass-through of tariffs on inflation.\n\nSource: Markets & Mayhem"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Goldman Sachs analysis suggests that the share of tariff costs that fell on consumers rose from 0% in the first month of implementation to 10% after two months.](https://blog.syzgroup.com/syz-the-moment/goldman-sachs-analysis-suggests-that-the-share-of-tariff-costs-that-fell-on-consumers-rose-from-0-in-the-first-month-of-implementation-to-10-after-two-months)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Jul 15, 2025, 3:13:09 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/goldman-sachs-analysis-suggests-that-the-share-of-tariff-costs-that-fell-on-consumers-rose-from-0-in-the-first-month-of-implementation-to-10-after-two-months)

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