德意志银行分析师研究发现，美国公司正在承担大部分关税成本，这可能导致未来消费者价格上升。分析师通过考察美国进口商品价格，得出结论认为美国企业将关税计入利润空间，而消费者价格指数并未显著上涨。尽管美国政府已收取1000亿美元关税，但出口商并未将成本转嫁给美国消费者，反而导致美元进口价格下降。分析师警告称，美国消费者可能面临未来价格压力。

📈美国公司正在承担大部分关税成本，将关税计入利润空间，导致消费者价格指数未显著上涨。

🛠️德意志银行分析师通过考察美国进口商品价格，得出结论认为美国企业吸收了大部分关税负担。

💰尽管美国政府已收取1000亿美元关税，但出口商并未将成本转嫁给美国消费者，反而导致美元进口价格下降。

🚢分析师指出，日本汽车制造商通过降低出口到美国的车型价格，吸收了部分关税成本。

📉美元进口价格在中国仅下降1%，尽管平均关税率增加了30%以上，显示出全球范围内出口商吸收关税成本的情况较少。

Americans are mostly paying for tariffs, Deutsche Bank analysts said.The analysts examined US import prices for goods to see who was paying for the levies.They concluded US companies were eating the tariffs and warned of "more pressure on US consumer prices."

American companies are eating the cost of tariffs, and higher consumer prices may be "in the pipeline," Deutsche Bank said.

Analysts at the bank reached that conclusion after examining the cost of importing manufactured goods in the second quarter, when Donald Trump first proposed his tariffs.

They said that the US government had collected $100 billion in tariff revenue so far this year, "so no doubt someone is paying." They added that if exporters to the US covered the costs, there would be a "sharp reduction in the price of imported goods," but this has not happened.

"The top-down macro evidence seems clear: Americans are mostly paying for the tariffs," the strategists said in a Tuesday note.

They concluded that American companies have been "mostly absorbing the tariffs into their profit margins" because the US consumer price index, up only 0.3% in June, hasn't registered a big increase.

But they warned, "There is likely more pressure on US consumer prices in the pipeline."

The analysts also said the tariffs were hitting the dollar as "exporters in the rest of the world are not yet feeling much pain from the tariffs."

This could give other countries more bargaining power as they negotiate trade deals ahead of Trump's August 1 deadline for resuming many of his tariffs, they added.

The analysts said they found few examples of exporters absorbing the costs of tariffs anywhere in the world.

Dollar import prices in China are down by only 1% "despite an average increase in tariff rates of more than 30%," they noted.

It also said that there are specific industry examples of exporters eating tariffs, citing Japanese automakers cutting the prices of models sent to the US.

The Bank of Japan's corporate goods price report found that the export price index for cars shipped to North America last month fell 19.4% compared to a year prior, the biggest plunge since 2016.

Treasury Secretary Scott Bessent said earlier this month that the US could take in as much as $300 billion in tariff revenue in 2025.