PA Congressmen Ryan Mackenzie (CD-7), Rob Bresnahan (CD-8), and Scott Perry (CD-10) Voted In Support of Trump’s Extreme Tariff Policy Raising Costs on Working Families

August 13, 2025

PENNSYLVANIA -  On Monday, Goldman Sachs released a report highlighting how U.S. consumers will bear the brunt of Trump’s cost-raising tariffs. The report reveals that through June, consumers have already taken on around 22% of tariff costs, with that number expected to nearly triple as more tariffs take effect and businesses are forced to pass off costs to consumers.

“Congressmen Mackenzie, Bresnahan, and Perry all voted to support these tariffs that are raising prices on working families across Pennsylvania - just like they rolled over to Trump and voted for the Republican Tax Law to pay for bigger tax breaks for billionaires by raising the cost of living and cutting critical assistance for hundreds of thousands of Pennsylvanians,” said Rachele Fortier, executive director of Affordable Pennsylvania. “Every time these Congressmen capitulate to Trump at the expense of their constituents, they are breaking their oath of public service. We urge Congressmen Mackenzie, Bresnahan, and Perry to prioritize what’s right by Pennsylvanians, not just follow marching orders from their party bosses.”

ICYMI: Bloomberg: US Consumers to Bear Brunt of Tariff Hit, Goldman Economists Say

• US companies have so far taken the bulk of the hit from Trump’s tariffs but the burden will increasingly be passed on to consumers as companies hike prices, economists including Jan Hatzius wrote in a note. Consumers in the US have absorbed an estimated 22% of tariff costs through June, but their share will rise to 67% if the latest tariffs follow the pattern of levies in previous years, they wrote.

• The net result: faster inflation. The core personal consumer expenditure index, one of the Federal Reserve’s favorite measures of inflation, will hit 3.2% year-on-year in December, according to the Goldman analysts. They said underlying inflation net of tariffs would be 2.4%. The rate was 2.8% in June.

• The report adds weight to a widespread view among economists that Trump’s sweeping tariffs will fuel inflation at a time when Fed policy has become a hot topic not just for bond traders but even for the president himself.

• Goldman’s analysis, which suggests businesses have held back from an all-at-once increase in prices, supports the argument that tariffs will ultimately be inflationary. The bank said tariff effects have boosted core PCE by 0.2% so far, with another 0.16% expected in July and an additional 0.5% over the rest of the year.

• While American businesses have taken around 64% of the hit from tariffs so far, their share will fall to less than 10% as they pass on more of the costs onto consumers, according to the report.

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