Trump’s team promised governments would ‘eat’ its tariffs. Execs say they’re passing on at least 50% to consumers

President Donald Trump delivers his address to a joint session of Congress in the House Chamber of the U.S. Capitol on Tuesday, March 4. (Credit: Tom Williams/CQ-Roll Call, Inc - Getty Images)

• Despite assurances from Trump’s administration that tariffs on China, Canada, and Mexico wouldn’t hurt American consumers, a survey of executives has found that the majority plan to pass these increased costs on to shoppers. This reinforces concerns from experts like Warren Buffett and Steve Cohen that tariffs function as a tax, ultimately burdening the public.

When President Trump announced tariff hikes on China, Canada, and Mexico, his team reassured consumers that they wouldn't be facing the sharp end of the deal.