“Costs from Trump's tariffs paid almost entirely by US consumers”, NY Fed says
As President Donald Trump changed tariff agreements with a number of countries, there was one constant: goods became more expensive for US companies and consumers. In research released Thursday by the Federal Reserve Bank of New York, a group of analysts and economists found that in 2025, the average tariff rate on imported goods rose to 13% from just 2.6% at the start of the year. The New York Fed found that 90% of the cost of increased tariffs, which Trump imposed on goods from Mexico, China
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