Who pays for tariffs? Insights from recent research (Kimberly Clausing (PIIE) and Maurice Obstfeld (PIIE), August 3, 2026, Peterson Institute)
Still, study after study of the 2018-19 US tariffs found that US buyers of imports suffered essentially the entire burden of the tariffs, with nearly complete pass-through shown in the data.[1] Preliminary assessments of the 2025 tariffs, reviewed in Clausing and Obstfeld (2025), also held that US consumers and firms were likely to bear the vast majority of the burden.