analyst Chao Deng stated that a forecast from Yale University's Budget Lab estimates that even with a new 15% tariff, the current effective tariff rate in the United States is still lower than the level before the Supreme Court ruling. Before the ruling, the rate was 16%, immediately dropping to 9.1% after the ruling, and is currently expected to rise to 13.7%. It is not yet clear how the 2.3 percentage point decrease will affect employment, wage growth, and the prices of goods and services. In contrast, for the entire year of 2025, the effective tariff rate surged by more than 10 percentage points, reaching a level not seen in decades. The economic impact of this significant increase is far less severe than many economists predicted. However, the impact cannot be ignored. According to data from the New York Federal Reserve, for most of 2025, U.S. businesses and consumers bore over 90% of the cost of the Trump tariffs, with some companies freezing hiring and investment as a result. The January inflation report showed recent price increases in several tariffed goods, including appliances, furniture, and new cars. This indicates that retailers have begun passing these costs on to consumers.