Last week, the Kiel Institute for the World Economy released a report that detailed who exactly has paid the costs of President Trump’s tariffs. In a scathing indictment of the Trump Administration’s claim that foreign entities will “eat” the tariffs, resulting in no increased costs to everyday Americans, researchers at Kiel estimated that 96% of the tariff burden has been borne by US consumers and businesses. Of the $200 billion in tariff revenue raised in 2025, $192 billion

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