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New Study: U.S. Consumers Bear 90% of Tariff Costs
The average U.S. tariff on imports rose from 2.6% to 13% in 2025, with import prices increasing 11% more for tariffed goods, impacting supply chains, New York Fed researchers said.
- On February 12, 2026 the Federal Reserve Bank of New York said Americans bore 90% of President Donald Trump's tariffs.
- Study authors noted average tariffs climbed from 2.6% to 13% during 2025, pushing back against the Trump administration's claim that foreigners would pay the levies.
- Authors reported pass-through rates showing Americans absorbed 94% of tariffs last year from January–August, easing to 92% in September–October and 86% in November, with past work finding 100% pass-through by foreign exporters.
- Federal Reserve officials say higher tariffs raised the cost of imported goods, complicating interest-rate decisions and increasing prices for U.S. consumers and businesses.
- The Supreme Court is set to rule on the legality of many of President Donald Trump's tariffs, which officials say impacts may wane but cost-of-living effects could persist.
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59 Articles
This New York Federal Reserve analysis undermines Trump's assertions that tariffs would be borne primarily by foreign exporters, not American consumers.
·Paris, France
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US consumers, businesses bore about 90% of Trump’s tariffs, NY Fed study finds
US businesses and consumers paid about 90% of the cost of President Donald Trump’s sweeping tariffs last year -- contradicting his repeated claims that foreign countries were footing the bill, according to a new study from the Federal Reserve Bank of New York.
·New York, United States
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According to the US central bank, 90 percent of import costs are passed on to American companies and consumers.
·Netherlands
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Donald Trump keeps claiming that foreigners pay the lion's share of his tariffs. That's a mistake - his compatriots swallow the bulk.
Coverage Details
Total News Sources59
Leaning Left8Leaning Right13Center20Last UpdatedBias Distribution49% Center
Bias Distribution
- 49% of the sources are Center
49% Center
L 19%
C 49%
R 32%
Factuality
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