New York Fed Finds Trump Tariffs Hit U.S. Consumers
A New York Fed analysis found U.S. firms and consumers bore roughly 90% of higher tariffs after average import duties rose to 13% in 2025.
BBC NewsCosts from Trump's tariffs paid almost entirely by US consumers
SemaforUS consumers shoulder tariff costs, NY Fed report shows
CBS NewsConsumers and businesses paid nearly 90% of Trump tariffs in 2025, new analysis found
CNNA year in, it’s official: Americans, not foreigners, are paying for Trump’s tariffs | CNN Business
Overview
A New York Federal Reserve analysis found U.S. firms and consumers bore about 90% of the economic burden of tariffs imposed in 2025.
The burden emerged as the average U.S. tariff on imports rose to 13% in 2025 from 2.6% at the start of the year, researchers said.
The White House defended the tariff agenda, six House Republicans joined Democrats to vote to remove tariffs on Canadian imports, and the CBO and other analysts challenged claims that foreigners bore most costs.
Analysts estimated U.S. importers bore roughly 86% to 94% of tariff costs in parts of 2025, and the Treasury collected $287 billion in tariffs in 2025, up 192% from the previous year, officials said.
The Supreme Court is expected to rule on the legality of the tariffs, and analysts said a ruling against the administration could require refunds of as much as $168 billion.
Analysis
Center-leaning sources frame the tariffs as a policy failure by emphasizing domestic costs, legal and political pushback, and international retaliation. They use evaluative verbs ("undermines," "rebuke," "retaliate"), prioritize the NY Fed report and lawmakers' moves, and structure coverage to link economic findings to political vulnerability rather than presenting balanced counterarguments.