Tariff costs to companies this year to hit $1.2 trillion, with consumers taking most of the hit, S&P says

Photo: Liberation Day, President Trump at the Make America Wealthy Again Event – April 2, 2025. Photo credit: Official White House photo via Flickr. US government work. Article by Jeff Cox. CNBC – October 16, 2025. Whitepaper: S&P Global Analysis.

Key Points

• President Donald Trump’s tariffs will cost global businesses upward of $1.2 trillion in 2025, with most of the cost being passed onto consumers, according to a new analysis from S&P Global.
• The firm says that just one-third will be borne by companies, with the rest falling on the shoulders of consumers, under conservative estimates.
• “While Americans may face a transition period from tariffs upending a broken status quo that has put America Last, the cost of tariffs will ultimately be borne by foreign exporters,” White House spokesman Kush Desai said in a statement.

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