Nearly 90% of Trump’s tariff costs fell on US consumers and businesses, says report

A recent analysis by the Federal Reserve Bank of New York has revealed that nearly 90% of the costs associated with tariffs imposed during Donald Trump's presidency have ultimately fallen on American consumers and businesses. This significant financial burden is expected to persist through late 2025, raising concerns about the long-term economic impact of such trade policies. The study highlights how tariffs, intended to protect domestic industries, have led to increased prices for goods and services, affecting household budgets and operational costs for businesses. The findings suggest that while tariffs may have aimed to bolster the US economy by encouraging local production, the unintended consequences could undermine their effectiveness. As the Biden administration continues to navigate trade relations, this report serves as a critical reminder of the complexities involved in tariff implementation and its repercussions on the American economy and everyday consumers.