US consumers, businesses bore about 90% of Trump's tariffs, NY Fed study finds

Group 1: Tariff Costs and Impact - A Federal Reserve Bank of New York study found that nearly 90% of the cost of President Trump's 2025 tariffs was borne by US firms and consumers, contradicting claims that foreign countries were responsible for the costs [1][4][9] - In the first eight months of 2025, 94% of tariff costs were absorbed by American businesses and consumers, with this share decreasing to 92% in September and October, and further to 86% in November as foreign exporters began to take on more costs [1][2][9] Group 2: Revenue and Economic Effects - The US collected $30 billion in customs duties in January alone, leading to a fiscal year-to-date total of $124 billion, which represents a 304% increase from the same period a year earlier [10] - For the calendar year 2025, tariff collections reached $287 billion, nearly tripling the previous year's total, with projections indicating that levies will raise $171.1 billion in 2026, marking the largest tax increase since 1993 [10] Group 3: Domestic Investment and Supply Chain Diversification - Tariffs have reportedly spurred domestic investment and supply-chain diversification, with companies like Stellantis pledging $13 billion, Toyota $10 billion, and Apple announcing $600 billion in US investment [12] - China's share of US imports has decreased to below 10% in 2025, down from nearly 25% in 2017, as Mexico and Vietnam have gained market share, which advocates argue reduces dependence on a single foreign supplier [13]