Tariff Burden Was Mainly Shouldered by U.S. Importers

An analysis published by the New York Federal Reserve this month, based on data from the U.S. Census Bureau's Harmonized Tariff Schedule, reveals that U.S. importers shouldered the majority of U.S. tariffs in 2025, contrary to some beliefs that foreign exporters primarily absorb these expenses. The data, spanning from January to November, indicates that U.S. importers paid between 86 and 94 percent of tariffs during this period, while foreign exporters accounted for just 6 to 14 percent.

This underscores a critical economic reality: tariffs, often framed as a tool to pressure foreign producers, largely translate into higher costs for domestic businesses and consumers. The findings align with broader economic research (e.g., FEDS notes from 2025), which already demonstrated that tariffs ultimately raise prices for American buyers.

The New York Federal Reserve's publication in February 2026 sparked a swift and dismissive response from the White House. Donald Trump's economic advisor, Kevin Hassett, criticized the analysis as flawed, suggesting that the researchers should be "disciplined" for their conclusions. This reaction has further fueled debates over trade policy transparency and the real-world impact of tariffs on the U.S. economy.

As the global tariff landscape continues to evolve, particularly in light of the Supreme Court's February 2026 decision to overturn the 10 percent global tariff introduced during the Trump administration, these findings serve as a reminder of who mainly bears the financial burden of such protectionist measures.