President Donald Trump promised that foreign countries would pay his tariffs in 2025, and his MAGA based believed him despite economists warning that Americans would pay for the bulk of the tariffs because U.S. companies that import foreign goods would simply mark up the prices, which is exactly what happened, reports USA TODAY:
American consumers and companies paid nearly 90% of the cost of President Donald Trump’s tariffs through late 2025, according to a new report from the Federal Reserve Bank of New York…
Through August 2025, 94% of the import taxes fell on American companies and consumers, according to the study. By November, the “pass-through” rate had dipped to 86%.
“In sum, U.S. firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025,” the researchers wrote.
The study affirms what many economists had predicted: That Trump’s tariffs would be mostly a tax on Americans…
The Wall Street Journal seized on the report in a Feb. 13 editorial, opining, “No matter how often President Trump insists his tariffs are taxing foreigners to enrich the U.S., economic studies keep showing that Americans actually pay the bill.”
(Sources: Wall Street Journal, USA TODAY)