American consumers and companies paid nearly 90% of the cost of President Donald Trump’s tariffs through late 2025, according to a new report from the Federal Reserve Bank of New York.

The study adds to a growing body of evidence indicating American families pay a price for Trump’s import taxes, despite the president's assertion that the financial burden falls entirely on other countries.

Trump's tariffs equated to a tax increase of $1,000 per household in 2025, according to a Feb. 6 report from the nonpartisan Tax Foundation. Households are expected to pay an additional $1,300 in 2026.

The tariffs are the largest U.S. tax increase since 1993, according to the Tax Foundation analysis. Tariffs are a tax − but on whom?....

Through August 2025, 94% of the import taxes fell on American companies and consumers, according to the study. By November, the “pass-through” rate had dipped to 86%.

“In sum, U.S. firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025,” the researchers wrote.