美国银行的分析师指出，特朗普政府实施的关税政策已导致消费者物价上涨。他们的报告显示，迄今为止，消费者承担了大约50%至70%的关税成本，这预示着关税将持续给通货膨胀带来上行压力。自特朗普于2025年4月宣布关税以来，尽管与英国和欧盟等伙伴达成了部分贸易协议，但对中国和加拿大等国的关税仍然较高。特朗普认为关税能平衡贸易逆差并促进国内消费和制造业就业。然而，许多经济学家曾警告称，关税成本最终会转嫁给消费者。标普全球的研究也发现，特朗普的关税今年将给企业带来1.2万亿美元的成本，而消费者将承担主要负担。分析师估计，关税导致核心个人消费支出通胀率上升了30至50个基点，并预计未来几个月通胀压力可能继续增大。

📈 美国银行分析指出，特朗普政府实施的关税政策直接导致了美国消费者物价的上涨，他们认为关税推高了消费价格，这一点毋庸置疑。

💰 数据显示，迄今为止，美国消费者已经承担了大约50%至70%的关税成本，这意味着关税带来的额外费用大部分都由最终购买商品的消费者承担。

⚠️ 经济学家警告，尽管特朗普政府希望通过关税来平衡贸易逆差，鼓励国内消费和制造业回流，但关税的成本很可能会转嫁到消费者身上，从而导致物价上涨。

📊 标普全球的研究进一步证实了这一观点，他们估计特朗普的关税政策在今年将给美国企业带来高达1.2万亿美元的成本，而这些成本最终将主要由消费者承担。

🌡️ 分析师预测，由于消费者已经承担了大部分关税成本，并且实际关税率预计还会上升，未来几个月美国的通货膨胀可能会持续面临上行压力，其中关税可能导致核心个人消费支出通胀率上升30至50个基点。

Analysts at the Bank of America said tariffs have raised prices for consumers.They wrote in a note that consumers have covered about 50% to 70% of the cost of levies to date.This suggests tariffs will continue to put "upward pressure" on inflation, they said.

For the Bank of America, President Donald Trump's levies have boosted consumer inflation, and there's no uncertainty about that.

"We think there's no debate — tariffs have pushed consumer prices higher," analysts, including Aditya Bhave, managing director and senior US economist at the research unit of the banking giant, wrote in a note on October 31.

Since Trump unveiled his "Liberation Day" tariffs on April 2, while some trade deals have been negotiated with partners, such as the UK and the European Union, rates on other countries, like China and Canada, have remained elevated.

Trump argued that tariffs would rebalance the trade deficit and bring billions of dollars back to the US, as Americans would be encouraged to shop domestically, and more manufacturing jobs would be introduced at home rather than companies relying on foreign labor.

However, many economists warned that the cost of the levies would be passed on to consumers. Research from S&P Global last month found that Trump's tariffs will cost businesses $1.2 trillion this year, with shoppers ultimately bearing the brunt.

"We think there is overwhelming evidence that tariffs have pushed inflation higher for consumers," the strategists said in the note.

They wrote that they estimate tariffs to account for between 30 and 50 basis points of the core personal consumption expenditure inflation rate, which measures the change in prices for goods and services. The analysts also said consumers have paid for about 50% to 70% of the total tariff cost to date.

"This suggests tariffs can continue to put upward pressure on inflation in coming months, especially since the effective tariff rate should climb further," the note said.

The PCE price index was up 2.7% year-on-year in August, a rise of 0.1% on the previous two months and 0.2% compared to May.