Costs from Trump tariffs paid primarily by US firms, consumers: NY Fed

Nearly nine-tenths of the economic burden of the US tariffs on imports last year fell mostly on US importers and consumers rather than overseas exporters, a study by the Federal Reserve Bank of New York found.
Close to 94 per cent of new tariffs in January-August 2025 was absorbed by US importers and consumers.
This share stood at 92 per cent from September to October and 86 per cent in November 2025.