Summary
U.S. importers have paid about $343 billion in executive tariffs since January 2025, but the burden varies sharply by state. California leads with $63 billion in tariff costs, followed by Texas at $37 billion and Michigan at $23 billion. Auto-focused states face particularly high costs because vehicles, parts, and metals account for large shares of their imports. Tariffs can raise consumer prices, squeeze business margins, and slow hiring as companies absorb higher costs. Refunds from voided tariffs have boosted corporate profits, but consumers may receive little benefit. Meanwhile, a new U.S.-Canada trade dispute threatens to further increase costs, especially in northern and industrial states.
Investopedia
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