WASHINGTON (dpa-AFX) - A recent study reveals that the tariffs imposed by President Donald Trump have mainly been shouldered by American consumers, which goes against the idea that foreign exporters would take on this cost.
Research from the Kiel Institute for the World Economy found that about 96 percent of the tariff costs were absorbed by U.S. buyers, with just 4 percent falling on exporters from other countries.
The study indicated that the approximate $200 billion increase in U.S. customs revenue in 2025 essentially represents a tax that's 'almost entirely paid by Americans.'
By analyzing over 25 million shipment records worth nearly $4 trillion from January 2024 to November 2025, researchers discovered that tariffs have been fully passed on to import prices, along with a drop in trade volumes.
The report pointed out that U.S. importers and wholesalers feel the brunt of these costs first, followed by manufacturers and retailers, who tend to pass the expenses onto consumers through higher prices and less availability of products.
These findings are in line with earlier research from Harvard and Yale, even as Trump continues to threaten new tariffs on European countries amidst ongoing geopolitical tensions.
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