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
“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.”
According to the Commerce Department report released on February 20, 2026, the U.S. economy grew at an annual rate of 1.4% in the fourth quarter of 2025.
Donald Trump told the World Economic Forum in Davos in January: Growth is exploding, Productivity is surging, Investment is soaring...we are the hottest countries anywhere in the world."
New York Times Feb 19, 2026
"U.S. Imports Grew in 2025, as Trump’s Tariffs Reshuffled Global Trade
Data released Thursday by the Census Bureau showed the overall trade deficit with the world narrowed, the result of an expanding trade surplus in services. The trade deficit in goods was the highest on record..."
Growth in manufacturing output also hasn’t yet translated into more jobs. American manufacturers cut more than 80,000 jobs in the past year. The president has ignored any data that does not fit his message. This past week, Mr. Trump had claimed on Truth Social that the trade deficit had “BEEN REDUCED BY 78% BECAUSE OF THE TARIFFS BEING CHARGED TO OTHER COMPANIES AND COUNTRIES. IT WILL GO INTO POSITIVE TERRITORY DURING THIS YEAR, FOR THE FIRST TIME IN MANY DECADES.”
The newspaper says "It’s not clear what metrics the president was referring to, and the White House did not clarify."
On Friday, after the slapdown on tariffs by the Supreme Court, Trump signed a temporary 10% duty on imports under the Trade Act of 1974, which allows the president to set import restrictions for up to 150 days. Later Friday, the Wizard of Tariffs decided to jack them up to 15%.