Deutsche Bank: Tariffs may push up US inflation and weaken the US dollar According to a report by Golden Finance, Michael Pfister of Deutsche Bank stated that US companies may shift the cost of tariffs onto consumers, which will exacerbate concerns about the economy and lead to a weakening of the US dollar. Higher inflationary pressures may force consumers to reduce their spending, thereby deepening concerns about the real economy. Deutsche Bank expects the euro to steadily rise against the US dollar EUR/USD until the end of 2026.