By integrating traditional folk customs with modern sci-techs, lantern shows across China are creating strong festive vibes as the Year of the Horse is just around the corner.
The upcoming Spring Festival, which falls on Feb. 17, marks the first day of the Chinese New Year of the Horse.
In Dalian City of northeast China's Liaoning Province, more than 10 large light groups are well set to illuminate the night sky, enabling residents and tourists alike to enjoy themselves in activities including fish-shaped lantern parades and watching molten iron firework shows.
Qingdao City of east China's Shandong Province, Lanzhou City in northwest China's Gansu Province, and Taizhou City of the eastern Province of Jiangsu are staging lantern shows featuring lanterns with horse images to greet the Year of the Horse.
Folk lantern shows greet Spring Festival in China
U.S. firms and consumers shouldered nearly 90 percent of the economic burden from last year's sweeping tariff hikes, contradicting the Trump administration's argument that the levies are paid by foreign trading partners, according to a report issued by the Federal Reserve Bank of New York on Thursday.
The study reveals that as average U.S. import tariffs surged from 2.6 percent to 13 percent in 2025, foreign exporters largely declined to absorb the added costs by lowering their prices.
Instead, the economic impact fell predominantly on domestic entities: during the first eight months of the year, 94 percent of the tariff incidence was borne by U.S. importers and consumers. That share remained elevated at 92 percent in September and October, dipping only slightly to 86 percent in November.
The findings align with a separate analysis published this week by the U.S. Congressional Budget Office, which estimated that about 70 percent of tariff costs were ultimately transferred to American consumers through higher retail prices on imported goods.
US firms, consumers absorb nearly 90 pct of tariff costs in 2025: bank report
