New data shows American consumers bear the brunt of Trump’s tariffs, says New York Fed

A recent report by economists at the New York Federal Reserve confirms that 90% of the tariffs imposed during Donald Trump’s presidency are being shouldered by American consumers and companies. Contrary to the initial expectation that foreign exporters would absorb these costs, the study illustrates how domestic businesses and end consumers are actually footing the bill. This revelation highlights the significant economic burden placed on American businesses that rely on imported goods, as well as the potential for increased costs being passed on to consumers. The findings underscore the complexities of tariffs and their unintended consequences on domestic economies. By shedding light on these impacts, this report raises important considerations for policymakers and businesses alike, who must navigate the challenges posed by such trade policies. As the U.S. economy continues to feel these effects, stakeholders are urged to evaluate strategies that could mitigate the financial strain caused by the tariffs.

Fortune