Even the Fed Confirms That Americans Are Paying 90% of the Trump Tariff Costs

In addition to earlier studies from the Kiel Institute of Germany and the National Bureau of Economic Research of the U.S., the New York Fed has just issued a report showing that U.S. businesses and consumers are paying 90% of tariff costs that President Donald Trump has imposed, Financial Times reports. “The New York Fed study suggested that in the first eight months of the year, 94% of the cost had been passed through. This fell slightly to 92% in the September to October period and 86% in November.” FT quotes the study authors: “Our results show that the bulk of the tariff incidence continues to fall on U.S. firms and consumers…. [They] continue to bear the bulk of the economic burden of the high tariffs imposed in 2025.”