US businesses and consumers bore 90% of the costs of US President Donald Trump’s tariffs, a New York Federal Reserve report showed, as his tariff regime comes under increasing pressure.
The report undermines Trump’s claim that foreign companies would shoulder the burden of duties, the Financial Times noted. US lawmakers on Wednesday voted to remove tariffs on Canadian imports — a symbolic but “politically consequential rebuke” of the president’s signature policy tool, The New York Times wrote. The US Supreme Court is also expected to rule on the tariffs’ legality.
Meanwhile, countries targeted by Trump’s duties have chosen to “retaliate” by reducing their reliance on Washington, a Bloomberg columnist argued, contributing to a fall in the US’ share of global exports.