Americans Bear Almost All Costs of Import Tariffs According to New York Fed Report
A New York Fed report reveals that U.S. consumers and firms pay 90 percent of import tariffs. The findings challenge claims that foreign nations bear the cost.
The Federal Reserve Bank of New York released a report on February 12, 2026, finding that American consumers and companies bore approximately 90% of the tariffs imposed by the Trump administration. This finding quantifies the distribution of the economic burden within the United States 
US following a period where the average tariff level rose significantly from 2.6% to 13% last year. The report highlights that these tariff-driven import-price increases, which saw peaks in April and May, raised costs for U.S. consumers and businesses.
US following a period where the average tariff level rose significantly from 2.6% to 13% last year. The report highlights that these tariff-driven import-price increases, which saw peaks in April and May, raised costs for U.S. consumers and businesses.
