Americans Are Paying the Bill for Tariffs

“President Trump has frequently claimed that foreign countries were paying for his tariffs, not Americans. But as economists predicted, that is largely turning out not to be the case,” the New York Times reports.

“Research published on Thursday by economists at the Federal Reserve Bank of New York and Columbia University suggests that, through November 2025, 90 percent of the economic burden of the president’s tariffs fell on U.S. companies and consumers.”