After Liberation Day: Who is footing the tariffs bill?

For nearly 12 months, a raft of import duties - tariffs - have made it much more expensive to ship consumer goods into the United States. They have shaken up global trade and according to the Federal Reserve, significantly raised inflation. But who is really footing the bill for all of them?

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Presenter: Ed Butler
Producers: Rebecca Smyllie and Craig Henderson

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(Photo: US President Donald Trump delivers remarks on reciprocal tariffs as US Secretary of Commerce Howard Lutnick holds a chart during a Make America Wealthy Again event at the White House, Washington DC, 2 April 2025. Credit: Getty Images)