US: 90% of 2025 Tariff Burden Fell on US Importers and Consumers

Nearly 90% of the economic burden from US tariffs in 2025 was borne by US importers and consumers, not overseas exporters, according to the Federal Reserve Bank of New York.

Around 94% of new tariffs (Jan–Aug 2025)** were absorbed domestically, easing to 92% in Sept–Oct and 86% in November 2025.

The average US tariff rate rose sharply from 2.6% at the start of 2025 to 13% by year-end.

Import prices for tariffed goods increased 11% more than goods not subject to tariffs.

The Department of Homeland Security collected $287 billion in customs duties, taxes and fees in 2025 — a 192% year-on-year increase, reflecting strong tariff pass-through to US buyers.