New Report Shows Tariffs Affecting Almost All Americans

UNDATED (WJON News) -- A new report confirms Americans are bearing the brunt of the increased tariffs.  The Federal Reserve Bank of New York released a report on Thursday. 

It says that over the course of 2025, the average tariff rate on U.S. imports increased from 2.6 to 13 percent.

They found that nearly 90 percent of the tariff's economic burden fell on U.S. companies and consumers.  The Federal Reserve says the tariff rate spiked in April and May when tariffs on Chinese goods were raised by 125 percentage points, before being reversed by 115 percentage points in Mid-May.  The tariff impact on Americans was highest from January through August at 94 percent; it went down to 92 percent between September and October. Then it lowered to 86 percent by November, for an overall average for the year of 90 percent.

The Tax Foundation says tariffs amount to an average tax increase per US household of $1,000 in 2025 and $1,300 in 2026.

U-S Senator Amy Klobuchar is cheering House passage of legislation that would repeal President Trump's tariffs on Canada.

Klobuchar said in a statement,

"Canada is Minnesota's top trading partner, but these chaotic tariffs are jeopardizing that relationship - and increasing costs for Minnesota families."

Six House Republicans joined Democrats in passing the bill, but all of Minnesota's G-O-P members voted against it.

Trump wrote on social media that any Republican who votes against tariffs

"will seriously suffer the consequences come election time."

The United States Supreme Court heard oral arguments on the legality of the tariff increases last fall, but it has not announced a decision on the case yet.