Close Menu
Truth Republican
  • Home
  • News
  • Politics
  • Business
  • Guns & Gear
  • Healthy Tips
  • Prepping & Survival
  • Videos
Facebook X (Twitter) Instagram
Truth Republican
  • Home
  • News
  • Politics
  • Business
  • Guns & Gear
  • Healthy Tips
  • Prepping & Survival
  • Videos
Newsletter
Truth Republican
You are at:Home»Business»Consumers are paying the costs for Trump’s tariffs: New York Fed
Business

Consumers are paying the costs for Trump’s tariffs: New York Fed

Buddy DoyleBy Buddy DoyleJune 10, 2025No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp
Consumers are paying the costs for Trump’s tariffs: New York Fed
Share
Facebook Twitter LinkedIn Pinterest Email

The Federal Reserve Bank of New York recently released a survey that found businesses are passing some or all of the cost of higher tariffs onto consumers through higher prices.

The New York Fed conducted its survey of businesses in the New York and northern New Jersey region from May 2-9 and found most businesses passed on at least some of the higher tariffs to their customers through higher prices. It found that about 90% of manufacturers and roughly three-quarters of service firms import some goods, with the average share of imported inputs at around 30% for all firms. 

Manufacturers estimated the average tariff rate they paid on their imports was about 35%, an increase of about 25 percentage points from six months ago; service firms reported an average tariff rate of 26%, up 17 points in the last six months. Most of those firms have raised prices on customers by passing through some or all of the cost of higher tariffs.

“About three-quarters of businesses facing tariff-induced cost increases in both the manufacturing and service sectors passed along at least some of these higher costs to their customers by raising prices,” the New York Fed wrote.

TRUMP, SOUTH KOREA’S NEW PRESIDENT AGREE TO MAKE A DEAL ON TARIFFS THAT WOULD SATISFY BOTH COUNTRIES

“Almost a third of manufacturers and about 45% of service firms reported fully passing along all tariff-related cost increases, while 45% of manufacturers and a third of service firms said they passed along some but not all of the cost increase,” the report said.

US ECONOMIC GROWTH FORECAST CUT SHARPLY DUE TO HIGHER TARIFFS

Auto manufacturing

Firms that raised their prices due to tariffs did so relatively quickly in response to the tariff-related cost increases, as over half of both manufacturing and service firms in that category raised prices within a month, including many within a day or week. Another quarter said they either raised their prices or planned to do so within one to three months of the cost increases.

The New York Fed’s survey concluded before the temporary reduction of President Donald Trump’s tariffs on China from 145% to 30% and prior to court rulings that invalidated some of his tariff measures.

WHITE HOUSE DECRIES ‘JUDICIAL OVERREACH’ AFTER FEDERAL COURT REJECTS TRUMP TARIFFS

Port of Miami

These shifts in trade policies have created uncertainty in terms of the future path of tariffs and the impact they have on businesses.

“Looking ahead, businesses expressed considerable uncertainty about the future path of tariffs. Indeed, in early May, about half of service firms expected tariffs to move higher in the next months and about a third expected tariffs to decline,” the New York Fed wrote.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleFetterman calls out ‘anarchy’ in LA, noting that Dems forfeit ‘moral high ground’ by failing to decry violence
Next Article The Best Tactical Flashlight EVER! OLIGHT WARRIOR 3S REVIEW

Related Articles

Tinder launches new biometric face scan verification

Tinder launches new biometric face scan verification

July 2, 2025
Trump’s ‘big, beautiful bill’ has been handed a major victory, legal watchdog group says

Trump’s ‘big, beautiful bill’ has been handed a major victory, legal watchdog group says

July 2, 2025
Notorious hacker group sets sights on airline industry in alarming security threat

Notorious hacker group sets sights on airline industry in alarming security threat

July 2, 2025
Mamdani’s rent freeze plan could further strain housing costs in New York, experts say

Mamdani’s rent freeze plan could further strain housing costs in New York, experts say

July 1, 2025
Grocery chain recalls chocolate treats due to undeclared allergen

Grocery chain recalls chocolate treats due to undeclared allergen

July 1, 2025
Fed Chair Powell confirms tariff concerns prevented interest rate cuts so far this year

Fed Chair Powell confirms tariff concerns prevented interest rate cuts so far this year

July 1, 2025
SALT deduction will do ‘nothing for 90% of US taxpayers,’ economists say

SALT deduction will do ‘nothing for 90% of US taxpayers,’ economists say

July 1, 2025
Labor secretary unveils unprecedented plan to slash 63 ‘outdated and burdensome’ rules

Labor secretary unveils unprecedented plan to slash 63 ‘outdated and burdensome’ rules

July 1, 2025
Caitlin Clark’s new shoes sell out within minutes, reselling on secondary market for over double

Caitlin Clark’s new shoes sell out within minutes, reselling on secondary market for over double

July 1, 2025
Don't Miss
Tearful Kim Jong Un seen mourning North Korean troops killed fighting for Russia in war against Ukraine

Tearful Kim Jong Un seen mourning North Korean troops killed fighting for Russia in war against Ukraine

Top 5 Best Electric Mountain Bikes 2021 | New e-MTB 2021!

Top 5 Best Electric Mountain Bikes 2021 | New e-MTB 2021!

Tinder launches new biometric face scan verification

Tinder launches new biometric face scan verification

ICE investigation leads to prison sentence for ‘dangerous predator’ who abused 2-year-old

ICE investigation leads to prison sentence for ‘dangerous predator’ who abused 2-year-old

Latest News
TOP 10 BEST KNIFE SHARPENER ON AMAZON 2021

TOP 10 BEST KNIFE SHARPENER ON AMAZON 2021

July 2, 2025
Trump’s ‘big, beautiful bill’ has been handed a major victory, legal watchdog group says

Trump’s ‘big, beautiful bill’ has been handed a major victory, legal watchdog group says

July 2, 2025
Probe into Biden’s alleged mental decline cover-up deepens with more former White House officials to testify

Probe into Biden’s alleged mental decline cover-up deepens with more former White House officials to testify

July 2, 2025
Travel nightmare unfolds as storm system grounds East Coast flights ahead of July 4

Travel nightmare unfolds as storm system grounds East Coast flights ahead of July 4

July 2, 2025
Top 10 Best Tactical Combat Boots For Military & Survival 2021

Top 10 Best Tactical Combat Boots For Military & Survival 2021

July 2, 2025
Copyright © 2025. Truth Republican. All rights reserved.
  • Privacy Policy
  • Terms of use
  • Contact

Type above and press Enter to search. Press Esc to cancel.