Americans Bear Almost All the Cost of Trump Tariffs, Study Shows

President Donald Trump’s duties on imported goods are paid almost entirely by American importers, their domestic customers and ultimately US consumers, a study from a German think tank concluded.

“Foreign exporters did not meaningfully reduce their prices in response to US tariff increases,” a report released Monday by the Kiel Institute for the World Economy said. “The $200 billion surge in customs revenue represents $200 billion extracted from American businesses and households.”

The study found that only about 4% of the tariff burden is shouldered by foreign firms, with a “near-complete” pass-through of 96% to US buyers that pay ...