Tariffs Added Nearly One Point to U.S. Consumer Prices in 2025

Tariffs enacted in 2025 raised prices for imported goods and added nearly a full percentage point to the Consumer Price Index by October of that year, according to economists at Harvard Business School. The Cato Institute reviewed a year of data and found that higher costs from the tariffs passed through to American consumers at a rate as high as 96 percent.

The Tax Foundation estimated the tariffs cost each American household roughly $1,000 in 2025, with an additional $700 projected for 2026 from remaining Section 232 and Section 122 levies.

A review of 56 studies over 30 years found 19 that showed tariffs raise prices and none that showed tariffs lower prices. Twenty-five studies documented negative effects on productivity and economic output, while none showed positive effects. The Tax Foundation projected $956 billion in revenue from the remaining tariffs over a decade, falling to $697 billion after accounting for economic damage and foreign retaliation.

The number of registered clients for tariff-related lobbying increased by 218 percent in 2025 compared with the previous year, and trade-related lobbying expenditures reached more than $900 million in the first half of 2025. More than 2,000 importers filed suits seeking refunds on over $160 billion in tariffs the Supreme Court ruled were illegally collected.