{"id":45316,"date":"2026-02-17T04:06:49","date_gmt":"2026-02-17T04:06:49","guid":{"rendered":"https:\/\/microloannexus.com\/?p=45316"},"modified":"2026-02-17T04:06:49","modified_gmt":"2026-02-17T04:06:49","slug":"americans-not-other-countries-paid-trumps-tariffs-in-2025","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=45316","title":{"rendered":"Americans, Not Other Countries, Paid Trump\u2019s Tariffs in 2025"},"content":{"rendered":"
\n

American consumers and companies paid nearly 90% of the cost of President Donald Trump\u2019s tariffs through late 2025, according to a new report from the Federal Reserve Bank of New York.<\/p>\n

The study adds to a growing body of evidence indicating American families pay a price for Trump\u2019s import taxes, despite the president\u2019s assertion that the financial burden falls entirely on other countries.<\/p>\n

Trump\u2019s tariffs\u202fequated to\u202fa tax increase of\u202f$1,000 per household\u202fin 2025, according to a\u202fFeb. 6 report\u202ffrom the nonpartisan Tax Foundation. Households are expected to pay another $1,300 in 2026.<\/p>\n

The tariffs are the largest U.S. tax increase\u202fsince 1993, according to the Tax Foundation\u202fanalysis. Tariffs are a tax \u2212 but on whom?<\/p>\n

On the campaign trail in September 2024, promoting tariffs, Trump told supporters, \u201cIt\u2019s not going to be a cost to you, it\u2019s going to be a cost to another country.\u201d<\/p>\n

Trump repeated the claim in a Jan. 30 op-ed in the Wall Street Journal, writing, \u201cThe data shows that the burden, or \u2018incidence,\u2019 of the tariffs has fallen overwhelmingly on foreign producers and middlemen, including large corporations that are not from the U.S.\u201d<\/p>\n

The New York Fed study, published Feb. 12, suggests otherwise.<\/p>\n

Trump\u2019s tariffs are mostly a tax on Americans<\/p>\n

Through August 2025, 94% of the import taxes fell on American companies and consumers, according to the study. By November, the \u201cpass-through\u201d rate had dipped to 86%.<\/p>\n

\u201cIn sum, U.S. firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025,\u201d the researchers wrote.<\/p>\n

The study affirms what many economists had predicted: That Trump\u2019s tariffs would be mostly a tax on Americans.<\/p>\n

\u201cThe study by the New York Fed confirms what most economists expected \u2013 U.S. consumers and businesses pay most of the costs from the Trump tariffs,\u201d said Wayne Winegarden, senior fellow in economics at the Pacific Research Institute, a free-market think tank.<\/p>\n

The Wall Street Journal seized on the report in a Feb. 13 editorial, opining, \u201cNo matter how often President Trump insists his tariffs are taxing foreigners to enrich the U.S., economic studies keep showing that Americans actually pay the bill.\u201d<\/p>\n

Through late 2025, tariffs added about 0.7 percentage points to the U.S. inflation rate, according to a November paper by the National Bureau of Economic Research. In other words, without tariffs, the inflation rate for September might have dropped from 3% to 2.3%.<\/p>\n

Tariffs have elevated prices on many imported items<\/p>\n

Trump\u2019s tariffs have inflated prices across a host of imported items, an effect visible in the January inflation report. The price of household furnishings and supplies rose 3.8% from January 2025 to January 2026. Furniture and bedding prices rose 4%. Prices for dishes and flatware rose 5%.<\/p>\n

Tariffs are complicated. The actual costs are typically split between exporters in one country and importers in another.<\/p>\n

The New York Fed provided this example:<\/p>\n

Imagine a foreign exporter charges $100 for a product, and the U.S. government imposes a 25% tariff. If the exporter doesn\u2019t lower the price, the importer pays a $25 tariff, increasing the total price to $125. That means 100% of the tax falls on American consumers and companies.<\/p>\n

In the same example, imagine the exporter responds to the tariff by lowering the price to $80. Now, the importer pays a $20 tariff, and the total import price remains $100. The exporter effectively absorbs all of the tax.<\/p>\n

As it turned out, most exporters didn\u2019t lower prices much in response to Trump\u2019s tariffs. A 94% pass-through rate means the typical foreign exporter responded to a 10% tariff by reducing prices 0.6%, or 6 cents for every $10.<\/p>\n

As exporters and importers absorbed the impact of Trump\u2019s tariffs, their impact softened at every step. Some exporters trimmed prices. American companies found cheaper products from other countries or absorbed part of the tariff themselves.<\/p>\n

In the end, roughly 20% of Trump\u2019s tariffs reached actual consumers, according to the National Bureau of Economic Research paper.<\/p>\n

This article originally appeared on USA TODAY: Americans, not other countries, paid Trump\u2019s tariffs in 2025<\/p>\n

Reporting by Daniel de Vis\u00e9, USA TODAY \/ USA TODAY<\/p>\n

USA TODAY Network via Reuters Connect<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

American consumers and companies paid nearly 90% of the cost of President Donald Trump\u2019s tariffs through late 2025, according to a new report from the Federal Reserve Bank of New York. The study adds to a growing body of evidence indicating American families pay a price for Trump\u2019s import taxes, despite the president\u2019s assertion that<\/p>\n","protected":false},"author":1,"featured_media":45317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[32],"class_list":{"0":"post-45316","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-burrow","8":"tag-featured"},"yoast_head":"\nAmericans, Not Other Countries, Paid Trump\u2019s Tariffs in 2025 | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"American consumers and companies paid nearly 90% of the cost of President Donald Trump\u2019s tariffs through late 2025, according to a new report from the\" \/>\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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