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.”