U.S.-made goods also got more expensive under Trump’s ill-conceived tariffs, new research finds
Americans aren’t just seeing the price tag increase for imported goods. Thanks to President Donald Trump’s tariffs, they are now paying more for products made in the U.S.A., according to new research from the Federal Reserve Bank of New York.
In fact, the research finds that prices for many everyday goods would have fallen last year and into early 2026 without Trump’s tariffs.
The findings offer new evidence of how the sweeping tariff policy, a centerpiece of the president’s economic agenda during his second term, have affected Americans’ wallets — and it’s only getting worse with just one month until the midterm elections.
Economists had long warned that tariffs would drive up consumer prices, but measuring their precise impact has been difficult as trade policies shifted and companies made decisions about whether to absorb higher costs or pass them along to shoppers.
Put simply, the New York Fed found that tariffs kept prices higher on many of the goods Americans buy every day. Without the tariffs, prices across the consumer goods examined for this study would have fallen by early 2026. Instead, they rose. [Continue reading…]