New York Fed: 2025 Tariffs Burden Falls Mainly on U.S. Firms and Consumers
TL;DR Summary
A NY Fed study finds tariffs enacted in 2025 raised the average tariff to 13% and that roughly 90% of the higher costs are paid by U.S. firms and consumers, as exporters kept prices steady and passed tariffs through to buyers. Other analyses (Kiel Institute, NBER) report near-100% pass-through to import prices; Tax Foundation estimates a typical household paid about $1,000 in 2025 and $1,300 in 2026, with an effective tariff rate of 9.9%—the highest since 1946—suggesting limited net benefits from the tariff policy.
- Costs from Trump's tariffs paid mainly by US firms and consumers, NY Fed says BBC
- Who Is Paying for the 2025 U.S. Tariffs? Liberty Street Economics
- A year in, it’s official: Americans, not foreigners, are paying for Trump’s tariffs CNN
- Trump’s tariff fantasy collides with economic reality The Boston Globe
- Americans Are Paying the Bill for Tariffs, Despite Trump’s Claims - The New York Times The New York Times
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