Consumers and businesses paid nearly 90% of Trump tariffs in 2025, new analysis found

consumers and businesses could see relief from the higher costs they have been facing due to the tariffs. However, the impact of the tariffs on the economy and trade relationships with other countries remains a contentious issue.

President Trump’s tariff policies have been a central part of his economic agenda, with the aim of protecting American industries and workers from what he views as unfair trade practices by other countries. The administration has argued that the tariffs have been successful in bringing back jobs and revitalizing American industries.

However, the recent analysis from the Federal Reserve Bank of New York challenges the administration’s claims, finding that the majority of the economic burden of the tariffs has fallen on U.S. firms and consumers. The report shows that U.S. importers have borne the brunt of the costs, with foreign exporters and producers shouldering only a small portion of the tariffs.

Despite the economic burden on U.S. businesses and consumers, the White House continues to defend the tariffs, pointing to the overall economic gains and growth that the administration believes have been a result of the tariff policies. The strong GDP growth and job market numbers are being touted as evidence of the success of the administration’s economic agenda.

As the Supreme Court prepares to rule on the president’s authority to impose tariffs under emergency powers, the future of the tariffs remains uncertain. If the tariffs are struck down, it could potentially lead to a shift in U.S. trade policy and a reevaluation of the economic impact of protectionist measures.

Overall, the debate over tariffs and their impact on the economy is likely to continue, with both supporters and critics of the policies presenting their arguments. The ultimate outcome of this debate will have significant implications for the future of U.S. trade policy and the global economy.