News Summary

• S&P Global estimates $53 trillion in company expenses for this year, revising its January 1 forecast.
• Of the estimated $907 billion lost, roughly two-thirds, or $592 billion, is being passed to consumers via higher prices.
• Experts tell Fortune tariffs usually act as a “regressive tax,” meaning lower-income consumers are disproportionately affected by the price increases.
• But the wealthy are largely insulated and continue strong discretionary spending, while lower- and middle-income households bear most of the hardship.