Which states are most exposed to tariff increases? A new measure based on the consumption channel

Nick Heyman, Colin Hottman and Ryan Monarch

No 2026-09-03-3, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: This note examines the heterogeneous exposure of states in terms of their consumption of direct consumer goods imports, which is an important channel through which states are exposed to increases in trade costs such as tariffs. Building on the methodology that Hottman and Monarch (2020) and Hottman and Monarch (2026) used to construct a similar measure for U.S. income deciles and other demographic groups, we construct a new state-level measure using a recent year of data.

Date: 2026-09-03
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:103749

DOI: 10.17016/2380-7172.4157

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