Who Is Paying for the 2025 U.S. Tariffs?

Mary Amiti, Christopher Flanagan, Sebastian Heise and David E. Weinstein

No 20260212, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Over the course of 2025, the average tariff rate on U.S. imports increased from 2.6 to 13 percent. In this blog post, we ask how much of the tariffs were paid by the U.S., using import data through November 2025. We find that nearly 90 percent of the tariffs’ economic burden fell on U.S. firms and consumers.

Keywords: tariffs; import prices (search for similar items in EconPapers)
JEL-codes: F1 (search for similar items in EconPapers)
Date: 2026-02-12
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DOI: 10.59576/lse.20260212

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