Consumers and businesses paid nearly 90% of Trump tariffs in 2025, new analysis found
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Almost all of President Trump's tariffs last year were passed on to U.S. consumers and businesses in the form of higher costs, according to a new analysis from the Federal Reserve Bank of New York. Edited by Alain Sherter In:
Almost all of President Trump's tariffs last year were passed on to U.S. consumers and businesses in the form of higher costs, according to a new analysis from the Federal Reserve Bank of New York.
As the average U.S. tariff on imports jumped to 13% in 2025, up from less than 3%, "nearly 90% of the tariffs' economic burden fell on U.S. firms and consumers," the researchers wrote.
The Trump administration maintains that foreign companies and other exporters pay the lion's share of tariffs.
In a Jan. 30 Wall Street Journal op-ed defending his tariff agenda, for example, Mr. Trump said that "data shows that the burden, or 'incidence,' of the tariffs has fallen overwhelmingly on foreign producers and middlemen, including large corporations that are not from the U.S."
"In many cases, nations that are heavily dependent on exports have had no choice but to 'eat' the tariffs to avoid even worse losses from their excess capacity," he added.
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Almost all of President Trump's tariffs last year were passed on to U.S. consumers and businesses in the form of higher costs, according to a new analysis from the Federal Reserve Bank of New York. Edited by Alain Sherter In:
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