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2026-02-14 13:23:04
[New York Fed: 90% of US Tariffs to be Burdened by Businesses and Consumers] A study released by the Federal Reserve Bank of New York on the 12th shows that approximately 90% of the additional costs incurred by the US government's tariff increases in 2025 will be borne by US consumers and businesses. The US government has repeatedly claimed that "tariffs are borne by foreign exporters," bringing huge revenue to the US. This study was conducted jointly by the New York Fed and Columbia University. The study calculates that the average statutory tariff rate in the US will rise from 2.6% at the beginning of 2025 to 13% by the end of that year. From January to August 2025, US importers and consumers will bear 94% of the new tariffs; from September to October, this proportion will be 92%; and in November, this proportion will be 86%. The study results show that, based on an average US tariff rate of 13% at the end of 2025, the prices of imported goods affected by tariffs in the US market will be 11% higher than the prices of unaffected goods. Researchers stated that this means US businesses and consumers will bear the majority of the economic burden brought about by the tariff increases. (Xinhua)
