Center on Japanese Economy and Business

A research blog post co-authored by CJEB's Director, Professor David Weinstein, “Who Is Paying for the 2025 U.S. Tariffs?” was published on the Liberty Street Economics blog, which features insight and analysis from New York Fed economists working at the intersection of research and policy. The post and its contents have been widely cited in over 100 articles, including prominent publications such as the Wall Street Journal, the New York Times, the Financial Times, and many more. A selected list of these and other articles referencing the post and its contents is included below.“Who Is Paying for the 2025 U.S. Tariffs?”  begins with this text to explain what it covers: “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.”US Firms Paid Nearly 90% of 2025 Tariff Costs, NY Fed Study Says (Bloomberg, 2/12/2026)https://www.bloomberg.com/news/articles/2026-02-12/us-firms-paid-nearly-90-of-2025-tariff-costs-ny-fed-study-saysTrump Plays Risky Political Game on Tariffs Ahead of Midterms (Bloomberg, 2/12/2026)https://www.bloomberg.com/news/articles/2026-02-12/trump-plays-risky-political-game-on-tariffs-ahead-of-midterms US businesses and consumers pay 90% of tariff costs, New York Fed says (Financial Times, 2/12/2026)https://giftarticle.ft.com/giftarticle/actions/redeem/7de0cca1-b592-4d63-a819-daeaa9d20639  Americans Are Paying the Bill for Tariffs, Despite Trump’s Claims (The New York Times, 2/12/2026)https://www.nytimes.com/2026/02/12/business/economy/americans-pay-tariffs-trump-fed.html?unlocked_article_code=1.L1A.9JSO.dIMgfYtVvXWs&smid=url-shareInflation measure falls to nearly five-year low as gas prices fall and housing costs cool (Associated Press, 2/13/2026)https://apnews.com/article/inflation-trump-economy-prices-d489cfa4b48e32232f136830333d1db0Trump Trade Team Working to Narrow Scope of Metals Tariffs (Bloomberg, 2/13/2026)https://www.bloomberg.com/news/articles/2026-02-13/trump-trade-team-working-to-scale-back-scope-of-metals-tariffsTrump plans to roll back tariffs on metal and aluminium goods (Financial Times, 2/13/2026)https://www.ft.com/content/f2eff736-12de-4c33-9826-847d2fdf8be3    "U.S. Inflation Eased at Start of the Year " (The New York Times, 2/13/2026)https://www.nytimes.com/2026/02/13/business/inflation-cpi-report-january.htmlYou’re Paying 90% of Trump’s Tariffs (The Wall Street Journal, 2/13/2026)https://www.wsj.com/opinion/donald-trump-tariffs-consumers-new-york-federal-reserve-study-95bed1bc Trump’s Broad Use of Metals Tariffs Starts to Backfire, Requiring a Rethink (Bloomberg, 2/16/2026)https://www.bloomberg.com/news/newsletters/2026-02-16/trump-to-scale-back-steel-tariffsWH adviser Hassett urges 'discipline' for Fed economists over tariff study (Associated Press, 2/18/2026)https://apnews.com/article/trump-federal-reserve-hassett-2329928f9e19b73472fbdc8d961db8d4Hassett Attacks NY Fed for Study on Tariff Burden Hitting US (Bloomberg, 2/18/2026)https://www.bloomberg.com/news/articles/2026-02-18/hassett-attacks-ny-fed-for-study-on-tariffs-hurting-us-companies-mls3r5yiTrump adviser says NY Fed economists should be ‘disciplined’ for publishing study on tariffs (Financial Times, 2/18/2026)https://giftarticle.ft.com/giftarticle/actions/redeem/cdec78a4-2034-40c5-b81e-3df40efad287Trump adviser Hassett suggests New York Fed researchers be punished for tariffs argument (Reuters News, 2/18/2026)https://www.reuters.com/world/us/trump-adviser-hassett-suggests-new-york-fed-researchers-be-punished-tariffs-2026-02-18/Fed Minutes Show No Rush to Restart Rate Cuts (The New York Times, 2/18/2026)https://www.nytimes.com/2026/02/18/business/economy/fed-officials-minutes-interest-rates.htmlWhite House Economic Adviser Criticizes NY Fed Finding on Tariffs (The Wall Street Journal, 2/18/2026)https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-18-2026/card/white-house-economic-adviser-criticizes-ny-fed-finding-on-tariffs-dGFOcjM0fiV8ojOmTPpRTariffs paid by midsized US firms tripled last year, new analysis from JPMorganChase Institute shows (Associated Press, 2/19/2026)https://www.kob.com/ap-top-news/tariffs-paid-by-midsized-us-firms-tripled-last-year-new-analysis-from-jpmorganchase-institute-shows/Kashkari Rips Hassett Criticism of NY Fed Tariff Analysis (Bloomberg, 2/19/2026)https://www.bloomberg.com/news/articles/2026-02-19/kashkari-rips-hassett-criticism-of-new-york-fed-tariff-analysisDonald Trump’s tariffs exert heavy burden on midsized US companies (Financial Times, 2/19/2026)https://giftarticle.ft.com/giftarticle/actions/redeem/d15b63ed-2f32-4a48-b86b-f327f6111cc6Top Fed official says White House is escalating its assault on central bank (Financial Times, 2/19/2026)https://giftarticle.ft.com/giftarticle/actions/redeem/7c5adca1-1554-409b-8823-4c1c977a316dMentioned / linked in Andrew Ross Sorkin's Dealbook (The New York Times, 2/19/2026)https://www.nytimes.com/2026/02/19/business/dealbook/markets-oil-iran.htmlU.S. Imports Grew in 2025, as Trump’s Tariffs Reshuffled Global Trade (The New York Times, 2/19/2026)https://www.nytimes.com/2026/02/19/business/economy/imports-tariffs-trade-deficit.html 

Professor David Weinstein, Director of CJEB and the Carl S. Shoup Professor of the Japanese Economy at Columbia University, was recently quoted in a Wall Street Journal article. Read the full article here.Trump’s Trade Math Ignores a Major Export: American Services. (Wall Street Journal, 4/10/2025) { "@context": "https://schema.org", "@type": "NewsArticle", "mainEntityOfPage": { "@type": "WebPage", "@id": "http://localhost:50320/faculty/press/professor-david-weinstein-director-cjeb-featured-columbia-business-insights-columbia" }, "headline": "Professor David Weinstein, Director of CJEB, Featured in Columbia Business Insights by Columbia Business School", "datePublished": "2025-03-21T15:31:34-04:00", "dateModified": "2025-10-15T16:36:00-04:00", "publisher": { "@type": "Organization", "name": "Columbia Business School" }, "articleBody": "Professor David Weinstein, Director of CJEB and the Carl S. Shoup Professor of the Japanese Economy at Columbia University, was featured in a Columbia Business Insights article discussing the implications of trade policies during Trump's administration. The article, titled \u201cUnderstanding Trump\u2019s New Trade Policies: Insights on Tariffs, Mexico, Canada, and China,\u201d highlights how the tariffs imposed on goods imported from China have significantly impacted U.S. consumers and firms. The article cites the paper he co-authored, \u201cTrade Protection, Stock-Market Returns, and Welfare,\" which is available here. ", "author": { "@type": "Organization", "name": "CBS In the News" }, "mentions": [ { "@type": "Organization", "name": "Columbia Business Insights", "url": "https://business.columbia.edu/insights/trump-trade-policies-tariffs-mexico-canada-columbia-business" } ] }

Professor David Weinstein, Director of CJEB and the Carl S. Shoup Professor of the Japanese Economy at Columbia University, was recently quoted in an NPR interview discussing the ongoing impact of Trump's tariffs on the economy.The segment, titled “How Trump's Tariffs Are Shaping the Economy,” explores how these trade policies have influenced economic dynamics. How Trump's Tariffs Are Shaping the Economy (NPR, 3/16/2025).  

Professor David Weinstein, Director of CJEB and the Carl S. Shoup Professor of the Japanese Economy at Columbia University, was featured in a Columbia Business Insights article discussing the implications of trade policies during Trump's administration. The article, titled “Understanding Trump’s New Trade Policies: Insights on Tariffs, Mexico, Canada, and China,” highlights how the tariffs imposed on goods imported from China have significantly impacted U.S. consumers and firms. The article cites the paper he co-authored, “Trade Protection, Stock-Market Returns, and Welfare," which is available here. Understanding Trump’s New Trade Policies: Insights on Tariffs, Mexico, Canada, and China (Columbia Business Insights, 1/21/2025)

Dr. Yumiko Shimabukuro, Faculty, School of International and Public Affairs, Columbia University; Co-Founder, Japanese Management Leadership, co-authored a book titled Misery Beneath the Miracle in East Asia, published by Cornell University Press.“Misery Beneath the Miracle in East Asia challenges prevailing views of the East Asian economic miracle. Existing scholarship has overlooked the severity, persistence, and harmful consequences of the region’s social welfare crises. Arvid J. Lukauskas and Yumiko Shimabukuro fill this gap and put a major asterisk on East Asia's economic record.  Combining big-picture analysis, abundant data, a dynamic interdisciplinary framework, and powerful human stories, they shed light on the social ills that governments have failed to address adequately, including low wages, child abuse, elderly poverty, and substandard housing. One of the major forces behind the multidimensional welfare crises is the region's productivist welfare strategy, which prioritizes economic growth while abandoning a robust social safety net, leaving the most vulnerable segments of society largely unprotected.  Misery beneath the Miracle in East Asia brings the region into debates over the dangers of seeking growth at all costs that are currently embroiling the United States and other advanced industrialized countries.”The book is available for purchase here. 

Professor David Weinstein, Director of CJEB, the Carl S. Shoup Professor of the Japanese Economy at Columbia University, wrote the article “U.S.-China Trade: What Voters Need to Know Before Heading to the Polls” for Columbia Business Insights | 2024 Election Special Edition.The article discusses trade policies, inviting voters to consider whether current trade policies are serving them and the country well, and references Professor Weinstein’s research related to the paper he co-authored titled “Trade Protection, Stock-Market Returns, and Welfare.”U.S.-China Trade: What Voters Need to Know Before Heading to the Polls (Columbia Business Insights, 10/28/2024)