The 47th and 25th presidents of the United States
A study by the New York Federal Reserve Bank of New York and Columbia University found that, from January 2024 to November 2025, the bulk of the tariff costs was borne by US firms and consumers.
In the first eight months of 2025, 94% of the tariff incidence was borne by the United States, they said.
“In sum, US firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025,” the study found.
Results were published February 12, 2026
Who Is Paying for the 2025 U.S. Tariffs?
“I am a Tariff Man,” Trump tweeted in 2018. “When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so.”
