US consumers, business pay 90% of tariff costs, says Federal Reserve
Summary
New Federal Reserve research via the New York Fed shows US consumers and businesses bore about 90% of tariff costs in 2025. While pass-through to import prices remained high early in the year, it declined through late 2025, shifting more burden to foreign exporters; inflation impact was milder than feared. For business and IT-focused audiences, this underscores cost pressures in supply chains and the importance of adaptive procurement and automation strategies.