The Globe and Mail reports in its Friday, Feb. 13, edition that President Donald Trump claimed that foreign countries were paying for his tariffs, but economists have found this not to be the case. A New York Times dispatch to The Globe reports that research published Thursday by economists at the Federal Reserve Bank of New York and Columbia University suggests that, through November, 2025, 90 per cent of the economic burden of the President's tariffs fell on U.S. companies and consumers. Economists examined the "incidence" of tariffs, which refers to who bears the cost of new import taxes. The importer of record, usually a U.S. company, pays the tariff to the government but can pass this cost to customers by raising prices or negotiating better contracts with suppliers. Mr. Trump argued that tariffs would be paid by foreign suppliers. Although data show foreign suppliers react to tariffs by reducing their prices in some instances, economic research suggests that is not the most common response. A New York Fed study revealed that from January, 2024, to November, 2025, most tariff costs impacted U.S. firms and consumers, with 94 per cent of the burden carried by the United States in the first eight months of 2025.