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

Almost all of President Donald Trump's tariffs last year were passed on to U.S. consumers and businesses in the form of higher costs, according to a new analysis from the Federal Reserve Bank of New York.

As the average U.S. tariff on imports jumped to 13% in 2025, up from less than 3%, "nearly 90% of the tariffs' economic burden fell on U.S. firms and consumers," the researchers wrote.

The Trump administration maintains that foreign companies and other exporters pay the lion's share of tariffs.

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