CJEB News

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)

We are proud to share that on October 25, 2024, the Eagle on the World Award was given by the Japanese Chamber of Commerce and Industry of New York (JCCI) at JCCI’s 40th Annual Dinner Gala to Professor David E. Weinstein, the Carl S. Shoup Professor of the Japanese Economy at Columbia University and Director of the Center on Japanese Economy and Business at Columbia Business School.The award is given to those who have made outstanding contributions towards strengthening the U.S.-Japan partnership. At each year’s Gala, the Chamber recognizes one or two individuals for their exemplary leadership in enhancing U.S.-Japan relations and international affairs. Past recipients include military, government, and corporate leaders, film, music, and sports stars, as well as humanitarians.The award recognizes Professor Weinstein’s significant involvement in the U.S.-Japan Alliance and his distinguished achievements in strengthening cross-cultural understanding in the academic world.

Professor Takatoshi Ito, director of CJEB's Program on Public Pension and Sovereign Funds, and professor at the School of International and Public Affairs at Columbia University, wrote the Project Syndicate article "Japan After Kishida." Professor Ito states, "While the media seemed surprised by Japanese Prime Minister Fumio Kishida’s decision not to run for re-election, it was hardly incomprehensible. Rather than risk losing the next election and potentially tarnishing an impressive record, Kishida stepped aside – and might become the kingmaker within his Liberal Democratic Party." The article discusses this topic in more detail.

Professor Takatoshi Ito, Director of CJEB’s Program on Public Pension and Sovereign Funds, appeared on Bloomberg and discussed his views on the Bank of Japan’s policy and the outlook for the economy.

Professor David E. Weinstein, CJEB's Director, co-authored a paper titled "Codification, Technology Absorption, and the Globalization of the Industrial Revolution." The paper explores Japan's massive public investments in codifying technical knowledge to explain why it was unique among non-Western countries in industrializing in the 19th and early 20th centuries.The National Bureau of Economic Research (NBER) includes it as a working paper and shared it on X here. Tremendous interest in the paper's topic has led to widespread viewing and sharing across social media, with over 25.1 million views listed on posts shared by its co-authors as of July 23, 2024.The paper's co-authors include Réka Juhász, Shogo Sakabe (Columbia University graduate and recipient of CJEB's Doctoral Fellowship), and David Weinstein.The paper is also listed among CJEB's working papers and hosted on the Columbia Academic Commons here.

Professor Takatoshi Ito, director of CJEB's Program on Public Pension and Sovereign Funds, and professor at the School of International and Public Affairs at Columbia University, wrote the Project Syndicate article "The Bank of Japan's Go-Slow Policy Normalization." Professor Ito discusses the Bank of Japan's cautious approach to monetary policy normalization, stating, "The Bank of Japan has consistently sent the message that its monetary-policy normalization will be cautious and data-dependent. This makes it unlikely that the BOJ's policy board will decide to raise interest rates and begin reducing government-bond purchases at the same meeting."

Professor Takatoshi Ito, Director of CJEB’s Program on Public Pension and Sovereign Funds, appeared on Bloomberg and discussed his views on the Bank of Japan’s likely reduction in government bond purchases. 

Bank of Japan Deputy Governor Ryozo Himino spoke in a panel titled, “Evolving Monetary Policy in Japan and the United States,” at the annual Tokyo conference held by the Center on Japanese Economy and Business on June 4, 2024. Japan Times included a quote from the panel session in the article, “BOJ weighs reducing bond buys as early as June meeting,” The title of this year’s conference was “Navigating Global Challenges: AI, Innovation, Monetary Policy, and Trade.” More information can be found here.

Professor Takatoshi Ito, Director of CJEB’s Program on Public Pension and Sovereign Funds, was quoted in the Bloomberg article “BOJ May Raise Rates Two More Times in 2024, Columbia’s Ito Says.” He discusses how, “the Bank of Japan may raise interest rates two more times this year, but it should refrain from responding directly to the weak yen.” 

Professor Takatoshi Ito, Director of CJEB’s Program on Public Pension and Sovereign Funds, appeared on Reuters and discussed the potential reasoning behind Japanese authorities' intervention in the foreign exchange market.