According to The Wall Street Journal, the latest research from the Kiel Institute for the World Economy in Germany shows that between January 2024 and November 2025, approximately 96% of the costs of tariffs implemented by the United States are borne by American consumers and importers, with foreign exporters only passing about 4% of the costs through price reductions. This conclusion contradicts Donald Trump's repeated claims that tariffs are mainly paid by foreigners. The study points out that although U.S. inflation remains relatively moderate in the short term, the additional approximately $200 billion in tariff revenue is almost entirely borne domestically, and the related impacts may gradually become evident over time.