“U.S. tariffs continue to be almost entirely borne by U.S. firms and consumers,”

That's what Mary Amiti, an economist at the Federal Reserve Bank of New York, wrote in a National Bureau of Economic Research working paper. She and her co-authors found that “approximately 100 percent” of import taxes fell on American buyers and had little impact on China.

In their previous paper on the subject they found that by December 2018, import tariffs were costing United States consumers and importing businesses $3.2 billion per month in added taxes and another $1.4 billion per month in efficiency losses.