New York Fed Economists Confirm Americans Pay 90% of Trump Tariffs
Mounting data from sources including the Federal Reserve Bank of New York indicates that American households and businesses are bearing the vast majority of the cost of President Trump’s tariffs, despite presidential claims to the contrary. The analysis shows that Americans paid for nearly 90% of the tariffs in 2025, a trend consistent with earlier periods of tariff imposition. This burden is reflected in companies either absorbing increased costs, impacting their profit margins, or passing them on to consumers through higher prices, leading to decreased consumer confidence. Economists argue that the economic strain from these tariffs outweighs the claimed benefits, such as funding national debt reduction or providing tax rebates, with the cost to households potentially exceeding any tax relief.
John Q. Hosedrinker