White House pushes back at Fed study saying Americans pay nearly all tariff cost

The White House has pushed back against a Federal Reserve study that found U.S. consumers are bearing the majority of the cost of President Trump's tariffs. Economic advisor Kevin Hassett criticized the report, calling it an 'embarrassment' and suggesting those responsible should be disciplined. Hassett argued that tariffs have not increased prices and that consumers have actually benefited from lower costs. However, the Fed study and a similar one by the German Kiel Institute for the World Economy found that nearly 90% of the tariff costs are being passed on to American importers and consumers.