WHO REALLY PAYS FOR U.S. TARIFFS? - NY FED In 2025, U.S. tariffs soared from 2.6% to 13%, but nearly 90% of the cost hit American consumers and businesses—not foreign exporters. Sharp hikes on Chinese goods in April and May pushed importers toward Mexico and Vietnam, but most exporters didn’t lower prices, passing the burden straight to U.S. buyers. By year’s end, import prices for tariffed goods were up 11%, forcing firms to shift supply chains and leaving Americans footing the bill.(*Walter Bloomberg)