US EditionUS Business, Consumers Bore 90 Percent of Trump Tariff Costs: NY Fed
A New York Fed report shows Americans bore nearly 90% of 2025 tariff costs as average rates quintupled and foreign exporters absorbed only a minimal share.
- A New York Fed analysis published Thursday found Americans paid nearly 90% of 2025 tariffs, citing data through November 2025 and authors Mary Amiti, Chris Flanagan, Sebastian Heise, and David E. Weinstein.
- Average tariff rates quintupled from 2.6% to 13% over 2025, as foreign exporters only modestly lowered prices, forcing U.S. businesses to absorb most costs, report co-authors Mary Amiti and Chris Flanagan found.
- Data from tariff trackers and the New York Fed show levies added 0.76% to the Consumer Price Index through October 2025, General Motors took a $1.1 billion hit, and the household tariff burden could erase $1,300 in tax-cut benefits in 2026.
- Earlier this week, the House of Representatives passed a resolution to overturn tariffs on Canada with three Republicans crossing party lines, as the U.S. Supreme Court prepares to rule under the IEEPA.
- The administration insists foreign sellers bear the cost, while nonpartisan research from the Tax Foundation found tariff costs to households exceed tax-break benefits and U.S. employment created only 181,000 new jobs in 2025.
12 Articles
12 Articles
An analysis published by the New York Fed highlighted that nearly 90 percent of the tariff cost fell to US importers and consumers
Analysis Shows Americans Pay Nearly All Tariff Costs
Americans, not overseas sellers, are paying almost all of President Trump's tariff increases, according to a new analysis from the Federal Reserve Bank of New York. The report finds that roughly 90% of the cost of the administration's import duties is falling on US consumers and businesses, undercutting Trump's frequent...
The cost of Trump’s tariffs
“They’re screwing over their own constituents,” said a House Democrat about the Republicans on Tuesday. There are street protests against ICE and real fury at the administration’s handling of the Epstein files. But the first chink in Donald Trump’s hitherto impregnable Congressional armour came from elsewhere. The tariff agenda has now run into obstacles which look likely to only get bigger. Earlier this week, House Republicans moved a motion wh…
The report was released at a time when Trump's tariff regime and threats of new tariffs are drawing criticism at home and abroad.
American businesses and consumers have borne about 90 percent of the costs associated with US President Donald Trump's sweeping tariffs, the New York branch of the US Federal Reserve (Fed) has found in its report.
Coverage Details
Bias Distribution
- 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
