By bizn_fun 
The paper by the New York Fed , externalwas released as the US Supreme Court weighs a legal challenge to Trump’s sweeping global tariffs.
US firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025.”
Hassett, who is director of the National Economic Council, said that prices had fallen, inflation was lower and “real wages were up $1,400 on average last year, which means that consumers were made better off by the tariffs”.
He told CNBC: “The people associated with this paper should presumably be disciplined, because what they’ve done is they’ve put out a conclusion which has created a lot of news that’s highly partisan based on analysis that wouldn’t be accepted in a first-semester econ class.”
The New York Fed declined to comment.
Its findings align with other recent tariff analyses. The Kiel Institute for the World Economy, an independent research firm in Germany, said in a report last month that it had found “near-complete pass-through of tariffs to US import prices”.
The National Bureau of Economic Research also found that the pass-through of tariffs was “almost 100%”, meaning the US – not the countries exporting goods to America – is paying for the increase in prices.
In recent months, Trump has repeatedly bemoaned the legal battle over his trade strategy. The small businesses and US states challenging his administration’s tariffs claim that the president has overstepped his authority.
The Supreme Court could rule on the case as soon as this Friday.