Americans, not Chinese, pay Trump tariffs: NY Fed study

When the Trump administration imposed tariffs on Chinese imports last year, officials insisted China would pay the cost - implying Chinese firms would have to cut their prices to absorb import "taxes" of up to 25% when the goods hit U.S. shores.Instead, the prices Chinese firms charge have barely budged,meaning U.S. companies and consumers are paying the tariff costs, estimated at around $40 billion annually, New York Fed Reserve Bank researchers found in a study released on Monday.As a result o