Who Is Paying for the 2025 U.S. Tariffs?
Abstract
Over the course of 2025, the average tariff rate on U.S. imports increased from 2.6 to 13 percent. In this blog post, we ask how much of the tariffs were paid by the U.S., using import data through November 2025. We find that nearly 90 percent of the tariffs’ economic burden fell on U.S. firms and consumers.
Publication details
- Journal / source
- Liberty Street Economics (Federal Reserve Bank of New York)
- Publisher
- Federal Reserve Bank of New York
- Publication date
- 12 February 2026