ECB says US consumers and importers taking biggest hit of Trump tariffs

Trade volumes also suffer, resulting in a negative shock for exporters, says study

US consumers and importers take the vast majority of the financial hit from tariffs initiated by the Trump administration but trade volumes also suffer, resulting in a negative shock for exporters, too, a European Central Bank Economic Bulletin article said on Monday. Picture: AP Photo/Mark Schiefelbein

US consumers and importers take the vast majority of the financial hit from tariffs but trade volumes also suffer, resulting in a negative shock for exporters, too, a European Central Bank Economic Bulletin article said on Monday.

The US imposed a raft of tariffs on most trading partners last year and economists have been debating who would take the biggest hit after the Trump administration predicted that exporters would pay the cost.