New Yorkers Secret 13% Tax Is Hiding In Plain Sight
A new report says New Yorkers are paying for almost all of President Trump's tariffs.
Americans are fronting the cost of tariffs.
Americans Paid 90% Of Trump Tariffs
That's according to new data from the Federal Reserve Bank of New York, which shows American consumers and companies paid almost 90 percent of the cost of President Trump's tariffs through late 2025.
"Over the course of 2025, the average tariff rate on U.S. imports increased from 2.6 to 13 percent," the Federal Reserve Bank of New York states. "We find that nearly 90 percent of the tariffs’ economic burden fell on U.S. firms and consumers."
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The New York Fed report noted that the average U.S. tariff rate on imports jumped from 2.6 percent to 13 percent in 2025.
The Trump White House argued foreign exporters would pay for the tariffs.
However, researchers from the Federal Reserve Bank of New York andthe Tax Foundation found that exporters mostly didn't lower prices.
That resulted in a nearly complete "pass-through" of costs to American importers and, eventually, retail consumers.
Americans Expected To Pay Even More In 2026
The data from the Federal Reserve Bank of New York is through November 2025, and experts say it's only going to get worse this year.
A report from the nonpartisan Tax Foundation shows the tariffs amounted to a tax increase of 1,000 per household in 2025.
According to the Tax Foundation, households are expected to pay another $1,300 in 2026.
The Tax Foundation analysis says the tariffs are the largest U.S. tax increase since 1993.
The Parts Of New York That Support President Trump The Most, Least
The Parts Of New York That Support President Trump The Most, Least
States Most Impacted by Trump Tariffs
States Most Impacted by Trump Tariffs
Gallery Credit: Mateo, 103.5 KISS FM
