New Tariff Data Shows Why the Crypto Market Has Been Stuck for Months
New research cited by The Wall Street Journal suggests US tariffs are quietly weighing on the domestic economy. That drag may help explain why crypto markets have struggled to gain momentum since the October sell-off.
A study by Germany’s Kiel Institute for the World Economy found that for tariffs imposed between January 2024 and November 2025, 96% of the costs were absorbed by US consumers and importers, while foreign exporters bore just 4%.
Nearly $200 billion in tariff revenue was paid almost entirely inside the US economy.
The research challenges a core political claim that tariffs are paid by foreign producers. In practice, US importers pay tariffs at the border, then absorb or pass on the costs.
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