Trade tensions, tariff hikes, global supply chain disruptions are upending businesses and spreading volatility but who will be at the receiving end of US President Donald Trump’s tariff salvo? According to Goldman Sachs, the inflationary impact of tariffs is only just beginning to filter through to US households with businesses expected to pass on a greater share of costs in the coming months. It further maintained that this will add more uncertainty to a Treasury market that has been gripped by shifting bets on the pace of interest rate cuts.