Tariffs taking toll on U.S. residents
When President Trump began in early 2025 imposing various tariffs on countries and products around the world there was debate about who would wind up bearing the cost of the Trump tariffs. (They are called Trump tariffs because the President has claimed the power to impose them with no further Congressional approval.) The Federal Reserve Bank of New York has now resolved the debate In 2025 the Bank found that American consumers and businesses bore about 90% of the cost of President Trump’s sweeping tariffs. The average U.S. tariff rose from 2.6% to 13%, about 10 percentage ...