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NY Fed report says Americans pay for almost all of Trump's tariffs
A Federal Reserve Bank of New York report shows Americans paid nearly 90% of Trump’s tariff costs in 2025 as import tax rates rose from 2.6% to 13%.
- 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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18 Articles
18 Articles
Madrid. U.S. consumers and businesses finally bore the biggest economic burden from Washington’s high tariffs during 2025, according to a study published by the Federal Reserve (Fed) in New York. “We observe that almost 90% of the economic burden of tariffs fell on U.S. companies and consumers,” the authors of the analysis point out on the agency’s blog using import data as a reference until November 2025.
A year in, it’s official: Americans, not foreigners, are paying for Trump’s tariffs
A new report from the Federal Reserve Bank of New York confirms what economists have long warned about: The burden of tariffs is borne almost entirely by the people living in the country that imposes them.
·Atlanta, United States
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Research contradicts Trump's claims that foreign companies would bear the tax burden.
·Brazil
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Coverage Details
Total News Sources18
Leaning Left2Leaning Right3Center5Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 20%
C 50%
R 30%
Factuality
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