Despite President Donald Trump insisting it’s foreign businesses paying for his raft of tariffs, mounting data indicates that, actually, American households and businesses are footing the bill for his import taxes.
A Federal Reserve Bank of New York report released Thursday, using data from the U.S. Census Bureau and Foreign Trade Statistics through November 2025, found Americans paid for nearly 90% of the tariffs in 2025, including 94% of the levies from January to August of last year, 92% from September to October, and 86% in November.
