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New York —
A new report from the Federal Reserve Bank of New York confirms what economists have long warned about: The burden of tariffs is borne almost entirely by the people living in the country that imposes them.
That simple fact — now learned experientially in 21st century America — is an Econ 101 lesson as foundational as supply and demand. ’Twas ever thus!
US businesses and consumers last year paid for nearly 90% of 2025’s import taxes, the Fed branch found. That’s hardly surprising: The National Bureau of Economic Research and the Congressional Budget Office recently found roughly the same thing.
And while the New…
