US Importers Ate $154.47B in Tariffs—26% Hit Consumer Prices
Through July, U.S. importers remitted $154.47 billion in net customs duties — but tariffs are not a foreign-government bill. Importers bear the cost at the border and then choose how much to absorb or push through the supply chain. NY Fed research shows about 26% of the 2025 tariff increase reached consumer prices, squeezing procurement budgets and input costs for domestic manufacturers.