New York Fed report: American consumers and businesses paid 90% of Trump's tariffs in 2025
By
Sasha Rogelberg
Summary
A Federal Reserve Bank of New York report reveals that American households and businesses paid for nearly 90% of Trump's tariffs in 2025, contradicting the president's claims that foreign countries bear the cost. The data shows 94% of levies from January to August, 92% from September to October, and 86% in November were paid by U.S. consumers and companies.
Source
bskyNew York Fed report: American consumers and businesses paid 90% of Trump's tariffs in 2025fortune.comKey quotes
· 3 pulledDespite President Donald Trump insisting it's foreign businesses paying for his raft of tariffs, mounting data indicates that, actually, American households and businesses are footing the bill for his import taxes.
A Federal Reserve Bank of New York report released Thursday...found Americans paid for nearly 90% of the tariffs in 2025
Our results show that the bulk of the tariff incidence falls on domestic consumers and importers.
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