A recent study by Germany's Kiel Institute for the World Economy indicates that U.S. consumers and importers are shouldering approximately 96% of the costs from tariffs imposed between January 2024 and November 2025. Foreign exporters have only absorbed about 4% through price reductions. This finding contradicts Donald Trump's claims that tariffs are primarily paid by foreign entities. The study also notes that while U.S. inflation remains relatively mild in the short term, the nearly $200 billion in additional tariff revenue is largely borne domestically, with potential long-term impacts.