The survey adds to a growing pile of evidence that the Trump administration’s tariffs have so far amounted to a giant tax on the U.S. economy, one that first mostly affected businesses, and when they were no longer able to absorb costs, passed on to consumers themselves. Another Fed report, released last month by the Federal Reserve Bank of New York, found that throughout 2025 Americans paid for nearly 90% of Trump’s tariffs.
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This report was originally published by Morning Brew.