NY Fed Data Shows Americans Foot 90% of Trump’s Tariff Bill, Contrary to Claims

A new Federal Reserve Bank of New York report confirms that the lion’s share of President Trump’s recent tariffs was paid by American consumers and businesses, not foreign exporters — a finding with major implications for U.S. trade and inflation debates.

The study looked at tariff impacts in 2025, a year when the average U.S. tariff rate jumped from rou…