In research released Thursday by the Federal Reserve Bank of New York, a group of analysts and economists found that in 2025, the average tariff rate on imported goods rose to 13% from just 2.6% at the start of the year.

The New York Fed found that 90% of the cost of increased tariffs, which Trump imposed on goods from Mexico, China, Canada and the European Union, was paid for by US companies.

“US firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025.”

As tariff rates changed and increased last year, exporting countries did not lower the cost of goods in an attempt to ward off any drop in US demand.

Instead, exporters kept their prices the same, passing off the cost of tariffs to any company importing their goods, which in turn responded by increasing the price of those goods to shoppers.