New research from the Kiel Institute reveals a critical insight: between January 2024 and November 2025, U.S. tariffs hit American consumers and importers hardest. The numbers tell the story—96% of tariff costs landed on the domestic economy, while foreign exporters absorbed just 4%. That breaks down to nearly $200 billion paid by American households and businesses. Think about what this means for purchasing power, inflation pressures, and where capital flows next. When consumers face higher costs, investment priorities shift. Worth tracking if you're monitoring macro trends affecting asset allocation.