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https://www.reuters.com/world/us/ny-fed-report-says-americans-pay-almost-all-trumps-tariffs-2026-02-12/?link_source=ta_bluesky_link&taid=698e510111ecd2000128acd2&utm_campaign=trueanthem&utm_medium=social&utm_source=bluesky


NY Fed report says Americans pay for almost all of Trump's tariffs
By Michael S. Derby
February 12, 202610:16 AM CST Updated 1 hour ago



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The container ship Talos passes under the Verrazzano-Narrows Bridge to arrive in New York Harbor in New York City, U.S., January 16, 2026. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab


NY Fed report finds Americans pay almost all of Trump's tariffs
Fed officials tie tariffs to inflation overshoot
Tariff outlook uncertain amid court, legislative action

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The authors based their analysis on how tariffs worked in the first Trump term. When faced with these types of taxes, “our past work found that foreign exporters did not lower their prices at all, so the full incidence of the tariffs was borne by the U.S. That is, there was 100% pass-through from tariffs into import prices.”


The paper said that between January and August of last year Americans took 94% of the hit from Trump’s tariffs. During September and October, that ebbed to 92%, settling to 86% in November.
The New York Fed findings jibe with a report, opens new tab put out by the Congressional Budget Office on Wednesday.