New York Fed Says Trump Tariffs Added 2.9 Points to Goods Prices, Including U.S.-Made Items
Updated
Updated · Fox News · Oct 14
New York Fed Says Trump Tariffs Added 2.9 Points to Goods Prices, Including U.S.-Made Items
3 articles · Updated · Fox News · Oct 14
Summary
New York Fed research found Trump’s tariffs added about 2.9 percentage points to prices for consumer goods studied, turning what would have been price declines by early 2026 into increases.
About two-thirds of the tariff-driven rise came from imports, while roughly one-third came from American-made goods, as U.S. producers faced higher costs for imported materials and components.
The study said tariff effects can take up to a year to fully reach consumers; although the inflationary impact of existing tariffs has largely peaked, prices are expected to stay higher while tariffs remain.
The White House disputed the findings, arguing foreign exporters will ultimately bear the costs and that the policy will reduce the trade deficit and revive U.S. manufacturing.
With midterm elections a month away, the findings sharpen pressure on Republicans’ cost-of-living message as households also face elevated energy and record diesel costs.