The Latest Tariff Numbers Are In. Americans Pay, and the Poorest Pay Most.

A tariff is collected from the US importer, not the foreign exporter, and the Federal Reserve Bank of New York finds Americans bore about 94 percent of the 2025 cost. The latest Yale Budget Lab data also shows the bite is regressive: the bottom 10% of households pays about three times the income share of the top 10%. Priya runs the numbers under the spin.