Federal Reserve Study Reveals US Consumers Bear Most Tariff Costs

A new study by the New York Federal Reserve indicates that nearly 90% of the costs from tariffs imposed during Donald Trump's presidency were paid by US consumers and businesses. The research highlights that the burden of these tariffs primarily fell on Americans, contradicting claims that foreign companies would absorb the costs. As the year progressed, exporters began to shoulder a greater share of the tariff burden, but US firms and consumers remained the most affected. The findings challenge the administration's narrative regarding the impact of tariffs on international trade.