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Yet another independent study just found Americans have been stuck paying Trump's tariffs

Yet another independent study just found Americans have been stuck paying Trump's tariffs
Joshua Lott/Getty Images



The costs of punitive tariffs that rolled out against China over the past year have largely fallen on US businesses and consumers, the New York Fed said Monday.




The findings added to a long string of independent research with the same results.




That contradicts a repeated claim by President Donald Trump that China pays tariffs.




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The costs of punitive tariffs rolled out against China over the past year have largely fallen on US businesses and consumers, the New York Federal Reserve said Monday.
The central bank found in a new study that Chinese businesses have not significantly lowered prices on exports to the US in response to the trade dispute that began in early 2018. That signaled that Americans have instead had to absorb additional import taxes levied by the Trump administration, estimated at around $40 billion annually.
"The continued stability of import prices for goods from China means US firms and consumers have to pay the tariff tax," Fed economists Matthew Higgins, Thomas Klitgaard, and Michael Nattinger wrote in the study.
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