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-says
Trump 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.dIMgf…
Inflation 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-d489cfa4b48e32232f136830333d1db0
Trump 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-tariffs
Trump 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.html
You’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-tariffs
WH adviser Hassett urges 'discipline' for Fed economists over tariff study (Associated Press, 2/18/2026)
https://apnews.com/article/trump-federal-reserve-hassett-2329928f9e19b73472fbdc8d961db8d4
Hassett 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-mls3r5yi
Trump 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-3df40efad287
Trump 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.html
White 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-n…
Tariffs 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-s…
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-analysis
Donald 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-f327f6111cc6
Top 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-8823-4c1c977a316d
Mentioned / 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.html
U.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
