"Our results show that the bulk of the tariff incidence continues to fall on U.S. firms and consumers,"
"Americans "continue to bear the bulk of the economic burden of the high tariffs imposed in 2025.""
"The data shows that the burden, or 'incidence,' of the tariffs has fallen overwhelmingly on foreign producers and middlemen, including large corporations that are not from the U.S."
Data from the Federal Reserve Bank of New York using U.S. Census Bureau and Foreign Trade Statistics through November 2025 show Americans paid nearly 90% of tariffs in 2025. Payments comprised 94% of levies from January to August, 92% from September to October, and 86% in November. Average tariff rates rose from 2.6% to 13% during 2025. Exporting firms only modestly reduced prices, leaving U.S. companies to absorb costs or pass them to consumers. Household and business expenditures carried the bulk of the tariff burden. The House passed a resolution to overturn the tariffs with three Republican votes in favor.
Read at Fortune
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