US businesses and consumers paid nearly 90 per cent of the cost of Donald Trump’s tariffs last year, according to new Federal Reserve research that undercuts the president’s claim that foreign companies would bear the burden.
The New York Fed study found the vast majority of tariff costs were passed through to Americans in the first 11 months of 2025, although foreign exporters shouldered an increasing amount as the year progressed.
“Our results show that the bulk of the tariff incidence continues to fall on US firms and consumers,” the study’s authors wrote in a blog post on Thursday.
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