According to a recent study by the Kiel Institute for the World Economy, U.S. consumers shouldered the vast majority—96 percent—of the expenses arising from President Trump’s tariffs last year.

By examining over 25 million shipment transactions, the study revealed that companies importing goods to the U.S. managed to absorb only 4 percent of the tariff costs. Consequently, 96 percent of these costs were transferred to American consumers, while U.S. customs revenues saw an increase of approximately $200 billion in the same period.

The Kiel Institute explained that companies opted to pass these costs onto consumers for several reasons, including the presence of other markets in regions like Europe and Asia and the complexity involved in changing suppliers.

In April of last year, Trump introduced extensive tariffs on foreign trading partners, establishing a base 10 percent tax on all imports, with even higher rates applied to certain countries, such as China, and specific industries like automobile parts, steel, and aluminum.

Subsequently, the president raised tariffs on imports from Brazil and India to a staggering 50 percent. However, he later reversed the decision regarding Brazil in November, removing levies on food imports such as coffee, fruit, cocoa, and beef.

On Saturday, he threatened 10 percent tariffs starting Feb. 1 on imports from Denmark, Norway, Sweden, France, Germany, Finland, the U.K. and the Netherlands over their support for Greenland’s sovereignty. 

Trump added that the levies will increase to 25 percent on June 1, and will remain in place until Danish and Greenlandic officials agree to grant the U.S. control of the mineral-rich island.

Last month, inflation hit 2.7 percent, down slightly from 3 percent in January. Federal Reserve Chair Jerome Powell said in December that the president’s tariffs are causing “most” of the overshooting of the central bank’s 2 percent inflation target.

“We do think of those as likely to, in the current situation, likely to be a one-time … price increase,” Powell told reporters. 

The month prior, the Trump administration defended his widespread tariff authority in front of the Supreme Court. The president has cited the International Emergency Economic Powers Act — which grants him the authority to regulate economic transactions during national emergencies — to justify the import taxes. 

The administration’s argument, though, garnered skepticism from conservative and liberal justices alike in November. It is unclear when the high court will rule on the case, which was on an expedited timeline.