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Who’s paying for the tariffs? If you're an American, take your finger and point it at your chest.⁣ ⁣ In a new study, the New York Fed looked at the first 11 months of 2025 and found that Americans shouldered nearly all of the tariff costs.⁣ ⁣ From January to August, US businesses and consumers paid 94% of the tariff burden. That improved to 92% over the next two months, and settled at 86% in November, the last month the study authors analyzed.⁣ ⁣ The New York Fed mentions the fact that the findings are similar to research published earlier this year by the Kiel Institute and the National Bureau of Economic Research.⁣ ⁣ President Trump has repeatedly argued that the tariff burden falls on foreign producers.⁣ ⁣ 📸: Getty