How Much Are Trump’s Tariffs Really Costing American Families?

February 19, 2026

$1,300….or 90%

How much are tariffs costing you?

This week – I’m doing a series of stories on how much president trump’s actions and policies are actually costing you. I’m doing this not to pick on anyone. I’m doing it because – as I always have done – I am reporting on several new reports that have just been released on the 2025 and 2026 costs for Americans.

Today – is part one. I’m talking about president trump’s tariffs. And I’m focusing on two specific reports. One is from the New York Fed and the other is from the Tax Foundation – which is a non-partisan research organization that’s been reporting on all administrations and their tax policies since 1937.

So let’s start with this report from the New York Fed. They found that you and American businesses who are importing these goods are paying 90% of Trump’s new tariffs. Not the foreign country – but as I have been reporting since 2024 – you – the American consumer and American businesses are paying for the tariffs. Now – the Fed says the tariff cost to you is coming down but you are still overwhelmingly paying. The New York Fed said between January and august of 2025 – the foreign exporter –so the foreign country was paying 6% of the tariff – but the American importer paid 94% of the tariff. By November of 2025 the New York Fed found the foreign exporter was paying 14% but the US importer paid 86% …which means American businesses are still paying the overwhelming amount of that tariff….and if they haven’t done it already – they are passing that cost on to you the consumer. For the record – just yesterday’s President Trump’s economic advisor Kevin Hasset trashed this report from the New York Fed calling it an “embarrassment” and even suggesting the New York Fed researchers should be “punished.” Look – every economist in the world knows – that tariffs are a tax and generally the cost of those tariffs fall on the person who is importing that item and then those costs usually get passed on to the consumer. So I’m not sure why the white house is so confused about these findings.  

But you may be wondering — what does 90% look like in dollars? According to this new report from the Tax Foundation – in 2025 – that cost translated to $1,000 for the average US household…and they say it’s going to get worse in 2026. According to their calculations – the average US household is going to be paying $1,300 more in 2026 because of Trump’s tariffs.

The Tax Foundation says there’s no doubt the Trump tariffs are going to bring in money to the US government. They estimate they’ll bring in $2 trillion over the next 10 years – the congressional budget office believes that number is actually going to be $3 trillion…which could help the bottom line of the US budget. But you have to understand – that money is coming out of your pocket. The Tax Foundation says these Trump tariffs are the largest us tax increase as a percentage of GDP since 1993 and could actually offset the tax cuts that were included in the big beautiful bill.

Read the New York Fed report here.

Read the Tax Foundation report here.