US Firms Paid Nearly 90% of 2025 Tariff Costs, NY Fed Study Says
A container ship at the Port of Los Angeles in Los Angeles.
Photographer: Kyle Grillot/BloombergNearly 90% of the economic burden from tariffs in 2025 was borne by US companies and consumers, according to a new study by economists at the Federal Reserve Bank of New York found.
Using data through November 2025, the study finds that about 94% of the tariff costs were passed through to US firms and consumers in the first eight months of the year.