Donald Trump has introduced tariffs on goods coming into the US from most countries around the world. The US president argues that the taxes will boost domestic manufacturing and create jobs. But critics have warned of higher prices for consumers and damage to the global economy.

Trump tariffs 2025 impact Americans: A Federal Reserve Bank of New York study challenges claims that foreign countries bore the cost of President Trump's 2025 tariffs. The report found that American companies and consumers paid the vast majority of these import taxes.