The chart of the week illustrates the distribution of tariff costs in June 2025 compared to an estimate for October 2025. In June, U.S. businesses absorbed the largest share at 64%, while consumers paid 22% and foreign exporters covered 14%. By October, the burden is projected to shift significantly toward U.S. consumers, who are expected to bear 67% of the increased costs. Meanwhile, foreign exporters’ share is expected to rise to 25%, while U.S. businesses’ portion will drop sharply to just 8%. This transition reflects the tendency of companies to pass along more costs over time, a shift that many see as a contributor to rising inflation later in 2025.