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Report: U.S. Households Bear 90% of Tariff Costs

2/13/2026

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Summary

Story summary

A Federal Reserve Bank of New York report finds U.S. households and businesses paid nearly 90% of tariffs in 2025, contradicting U.S. President Donald Trump’s claim that foreign firms bear the costs.
The average tariff rate rose from 2.6% to 13% over the year.
The White House says Trump’s economic policies are reducing costs.
The Tax Foundation finds tariff burdens will exceed the benefits of tax cuts.

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Story summary

A Federal Reserve Bank of New York report finds U.S. households and businesses paid nearly 90% of tariffs in 2025, contradicting U.S. President Donald Trump’s claim that foreign firms bear the costs.
The average tariff rate rose from 2.6% to 13% over the year.
The White House says Trump’s economic policies are reducing costs.
The Tax Foundation finds tariff burdens will exceed the benefits of tax cuts.