Williams concludes tariffs have been overwhelmingly borne by domestic businesses and consumers, not foreign producers.
“Based on granular analysis of the data in hand, we can draw a few conclusions. First, the tariffs have been overwhelmingly borne by domestic businesses and consumers, rather than by foreign producers.”
Williams says tariffs have been overwhelmingly borne domestically by U.S. firms and consumers per New York Fed analysis.
“First, the tariffs have overwhelmingly been borne domestically—a New York Fed analysis estimates that most of the burden has fallen on U.S. firms and consumers.”