纽约联储实证：美关税政策自食其果 近90%成本由美企与消费者承担

Core Insights - A recent study by New York Fed economists indicates that nearly 90% of the economic burden from tariffs imposed in 2025 will be borne by U.S. businesses and consumers [1] - The analysis, based on data up to November 2025, shows that approximately 94% of tariff costs were passed on to U.S. businesses and consumers in the first eight months of that year [1] - By November, the share of the burden on foreign exporters slightly increased, but the tariff pass-through rate remained high at 86% [1] Tariff Impact - The report highlights that a 10% tariff only resulted in a 0.6 percentage point decrease in foreign export prices, indicating a limited impact on exporters [1] - Following the announcement of significant import tariffs on April 2, 2022, the average tariff rate in the U.S. surged from 2.6% to 13%, with a notable spike due to high temporary tariffs on Chinese goods [1] - Despite tariff exemptions and supply chain adjustments reducing the actual tax burden, the economic impact is still primarily shouldered by the American public [1] Supply Chain Shifts - The high costs associated with tariffs have accelerated the shift of supply chains from China to countries like Mexico and Vietnam [1]