关税到底谁付钱。官方数据来了。

NY Fed report says Americans pay for almost all of Trump's tariffs

关键数据：

1. 关税多次taco后平均值只涨了10%(2.6%-13%)

2. 海外商家基本没有降价。

3. 关税1-8月基本是美国佬在承担（供应链first shock），9-11月比例开始下降（供应链重构自发优化）。

The report evaluated ‌how tariffs impacted the economy last year, when the average of the taxes went from 2.6% to 13%. The report noted that the average level shifted over the course of the year and was ?at its highest in April and May, when Trump pumped up tariffs on Chinese goods to 125% before lowering them back to a still heady 113%.

The authors based their analysis on how tariffs worked in the first Trump term. When faced with these types of taxes, “our past work found that foreign exporters did not lower their prices at all, so the full incidence of the tariffs was borne by the U.S. That is, there was 100% pass-through from tariffs into import prices.”

The paper said that between ‌January and August of last year Americans took 94% of ?the hit from Trump’s tariffs. During September and October, that ebbed to 92%, settling to 86% in November.