President Donald Trump has postponed his high tariffs on Chinese imports for the next three months, maintaining a 30% tax on most goods in hopes of reaching a trade deal.

Goldman Sachs economists said they expect that about 70% of the direct costs of the tariffs will eventually fall on the consumer, and that the total could rise to 100% if including the spillover effects of domestic producers raising their prices (something that has already occurred and is expected to continue — more on that below).