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Trump's Tariffs Cost Americans 96% of Burden, Study Finds

1/20/2026

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Summary

Story summary

The Kiel Institute finds that tariffs championed by U.S. President Donald Trump burden American consumers 96% of costs.
Foreign exporters cover about 4% of tariffs, per analysis of 25 million U.S. import records.
U.S. whiskey exports to the EU fell 27% on retaliatory tariffs.
White House deputy press secretary Kush Desai said Trump's tariffs increased tensions and volatility in global markets and that he has threatened further tariffs on Europe.

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Story summary

The Kiel Institute finds that tariffs championed by U.S. President Donald Trump burden American consumers 96% of costs.
Foreign exporters cover about 4% of tariffs, per analysis of 25 million U.S. import records.
U.S. whiskey exports to the EU fell 27% on retaliatory tariffs.
White House deputy press secretary Kush Desai said Trump's tariffs increased tensions and volatility in global markets and that he has threatened further tariffs on Europe.