{"id":65199,"date":"2026-02-13T01:38:12","date_gmt":"2026-02-13T01:38:12","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/consumers-and-businesses-paid-nearly-90-of-trump-tariffs-in-2025-new-analysis-found\/"},"modified":"2026-02-13T01:38:12","modified_gmt":"2026-02-13T01:38:12","slug":"consumers-and-businesses-paid-nearly-90-of-trump-tariffs-in-2025-new-analysis-found","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/consumers-and-businesses-paid-nearly-90-of-trump-tariffs-in-2025-new-analysis-found\/","title":{"rendered":"Consumers and businesses paid nearly 90% of Trump tariffs in 2025, new analysis found"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Almost all of President Trump&#8217;s tariffs last year were passed on to U.S. consumers and businesses in the form of higher costs, according to a new\u00a0<a href=\"https:\/\/libertystreeteconomics.newyorkfed.org\/2026\/02\/who-is-paying-for-the-2025-u-s-tariffs\/\" target=\"_blank\" rel=\"nofollow noopener\">analysis<\/a> from the Federal Reserve Bank of New York.<\/p>\n<p>As the average U.S. tariff on imports jumped to 13% in 2025, up from less than 3%, &#8220;nearly 90% of the tariffs&#8217; economic burden fell on U.S. firms and consumers,&#8221; the researchers wrote.<\/p>\n<h2>Who bears the burden of tariffs?<\/h2>\n<p>The Trump administration maintains that foreign companies and other exporters pay the lion&#8217;s share of tariffs.\u00a0<\/p>\n<p>In a Jan. 30 Wall Street Journal\u00a0<a href=\"https:\/\/www.wsj.com\/opinion\/donald-j-trump-my-tariffs-have-brought-america-back-2248391b?gaa_at=eafs&amp;gaa_n=AWEtsqeHDvIazsYz__2c8m3GxXRKm7QW8wd8kNg8EyPGdD2V8JDfzja5ySTJB4TbBfk=&amp;gaa_ts=698e344e&amp;gaa_sig=pFX9fjgVCVC5NH7flt8sbfAak2AyTocOC2K312qyglU9Avxp95NjVL0IgWFPFp068FQU7G27x7LUV6tEG0s7zQ==\" target=\"_blank\" rel=\"nofollow noopener\">op-ed<\/a>\u00a0defending his tariff agenda, for example, Mr. Trump said that &#8220;data shows that the burden, or &#8216;incidence,&#8217; of the tariffs has fallen overwhelmingly on foreign producers and middlemen, including large corporations that are not from the U.S.&#8221;<\/p>\n<p>&#8220;In many cases, nations that are heavily dependent on exports have had no choice but to &#8216;eat&#8217; the tariffs to avoid even worse losses from their excess capacity,&#8221; he added.<\/p>\n<p>The New York Fed&#8217;s findings, which align with those of most mainstream economists, challenge that view. For the eight-month period from January through August, U.S. importers bore 94% of tariff costs. By November, exporters were shouldering slightly more of the burden, but U.S. importers remained on the hook for 86% of tariffs, according to the analysis.\u00a0<\/p>\n<p>&#8220;In sum, U.S. firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025,&#8221; the report concluded.\u00a0<\/p>\n<h2>Defending tariffs<\/h2>\n<p>The White House on Thursday defended Mr. Trump&#8217;s tariffs, touting the economic gains.<\/p>\n<p>&#8220;America&#8217;s average tariff rate has increased nearly sevenfold in the past year, yet inflation has cooled and corporate profits have increased,&#8221; White House spokesperson Kush Desai said in a statement to CBS News. &#8220;The reality is that President Trump&#8217;s economic agenda of tax cuts, deregulation, tariffs, and energy abundance [is] reducing costs and accelerating economic growth.&#8221;<\/p>\n<p>Recent data point to solid economic growth. The nation&#8217;s gross domestic product expanded at a <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/gdp-report-economy-growth-third-quarter-2025\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">robust 4.3% annual pace<\/a><\/span> in the third quarter, the strongest growth in two years.\u00a0<\/p>\n<p>The job market also remains healthy, with employers adding a stronger-than-expected <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/jobs-report-january-2026-economy-hiring-layoffs-bls\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">130,000 jobs in January,<\/a><\/span> according to employment figures released earlier this week.\u00a0<\/p>\n<h2>Tariffs could be struck down<\/h2>\n<p>Economists predicted last year that elevated tariffs on imports were likely to drive up inflation. For the most part, those price hikes have failed to materialize.<\/p>\n<p>In December, the Consumer Price Index rose at an <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cpi-report-today-inflation-december-2025-tariffs\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">annual rate of 2.7%<\/a><\/span>, unchanged from November. The Department of Labor is scheduled to release the January CPI data on Friday.\u00a0<\/p>\n<p>The Treasury Department collected\u00a0<a href=\"https:\/\/www.richmondfed.org\/research\/national_economy\/macro_minute\/2026\/how_much_revenue_raised_by_tariffs_so_far\" target=\"_blank\" rel=\"nofollow noopener\">$287 billion<\/a> in tariffs in 2025, up 192% from the previous year, according to the Federal Reserve Bank of Richmond.\u00a0<\/p>\n<p>Yet President Trump&#8217;s scope to wield tariffs in future is uncertain, with the Supreme Court expected to rule soon on his authority to impose levies under a federal <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/supreme-court-trump-tariffs-arguments\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">emergency powers law<\/a><\/span>.<\/p>\n<p>If those tariffs are struck down, the U.S. government could owe businesses as much as <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/tariff-refund-supreme-court-ruling\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">$168 billion in refunds<\/a><\/span>, according to the University of Pennsylvania&#8217;s Wharton School.\u00a0<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/alain-sherter\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Alain  Sherter<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<div class=\"component__item-recirc-block\">\n<p><h3 class=\"component__title\">Go deeper with The Free Press<\/h3>\n<\/p><\/div>\n<\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/trump-tariffs-consumers-business-nearly-90-percent-new-york-federal-reserve\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Almost all of President Trump&#8217;s tariffs last year were passed on to U.S. consumers and businesses in the form of<\/p>\n","protected":false},"author":1,"featured_media":65200,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[3800,799,386],"class_list":["post-65199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-consumer-news","tag-tariffs","tag-trump-administration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consumers and businesses paid nearly 90% of Trump tariffs in 2025, new analysis found - World News<\/title>\n<meta name=\"description\" content=\"Americans, not foreign exporters, shouldered nearly the costs from the Trump administration&amp;#039;s tariffs last year, according to the New York Fed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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