Consumers and businesses paid nearly 90% of Trump tariffs in 2025, new analysis found

February 13, 2026

TL;DR

A Federal Reserve Bank of New York analysis indicates U.S. consumers and businesses paid approximately 90% of the costs associated with President Trump's 2025 tariffs.
This finding challenges the Trump administration's assertion that foreign producers and middlemen bore the majority of the tariff burden.
U.S. importers were responsible for 86% to 94% of tariff costs during the analyzed period.
The White House defended the tariffs, linking them to economic growth, while inflation remained relatively stable.
The Supreme Court is expected to rule on President Trump's authority to impose tariffs under a federal emergency powers law, which could lead to significant refunds if struck down.

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