Macroeconomics

Weekly Market Monitor

August 1, 2025 | 3 minute read
Stay connected with our Market Monitor, featuring a thematic chart, key market developments, and valuable investment insights across asset classes each week.

Chart of the Week: Tariff Pass-Through

This earnings season, many investors are focused on how US firms will pass through the cost of tariffs. Our economists in GIR estimate that 40% of tariff costs were transferred to consumers by the end of June, below their expectation of a 65-70% passthrough. We expect this share to pick up as front-loaded inventories unwind and trade policy clarifies, but if firms do bear a significant portion of tariff expenses, then we could see downward pressure on profit margins and future earnings expectations.

Chart of the Week

Source: GS GIR and GS Asset Management. As of July 30, 2025. Chart shows the share of tariff cost that will be shared by US consumers, US businesses, and foreign exporters according to Regional Federal Reserve Business Surveys as of June 23, 2025, versus current projections from Goldman Sachs Global Investment Research. *Combines information from surveys conducted by the Federal Reserve Banks of New York and Atlanta. For illustrative purposes only. 'We' refers to Goldman Sachs Asset Management.

Download the full document, which includes the chart of the week and insights on market developments. On pages 3 and 4, we further recap equity sector, size and style returns, global index returns, as well as rates and spread movements and a monthly snapshot of global equity valuations.

Weekly Market Monitor
The Market Monitor features a thematic chart and highlights key economic events and data releases driving the past week’s market moves.
weekly market monitor
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