{"id":"979258ca0bd274d209e040d43e0f8be3e75b339e02301e21c46abfbbde6fb1fc","title":"Mary Amiti and coauthors argue in Liberty Street Economics that U.S. firms and consumers bore most tariff costs","argument":"The Federal Reserve Bank of New York’s Liberty Street Economics published this analysis on February 12, 2026, by Mary Amiti, Chris Flanagan, Sebastian Heise, and David E. Weinstein. Using import data through November 2025, the authors estimate that U.S. firms and consumers bore nearly 90 percent of the tariffs’ economic burden. They call the division of tariff costs between foreign exporters and domestic importers “tariff incidence”: exporters can bear some of the cost by lowering their prices, while U.S. importers pay duties.\n\nThe authors estimate that U.S. importers bore 94 percent of the tariff incidence from January through August, and 86 percent in November. 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This does not prevent a reader from understanding the piece.","excerpt":"These higher import prices caused firms to reorganize supply chains, as suggested by the findings presented in the two charts above."},{"dimension":"date","status":"pass","explanation":"The originalPublished value, 2026-02-12, matches the post's own dateline of February 12, 2026, and the reading states it at day precision. The page was edited after publication (dateModified 2026-04-07). However, every cited passage sits plainly in the original article body, not in the later comments. Nothing is framed with hindsight, and the reading notes that the text was retrieved later.","excerpt":"February 12, 2026\nWho Is Paying for the 2025 U.S. Tariffs?"},{"dimension":"support","status":"pass","explanation":"Each claim's excerpt is a verbatim match from the original article body: the nearly 90 percent burden, the incidence table, the definition of tariff incidence, and the supply-chain reorganization. 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