“Foreign exporters did not meaningfully reduce their prices in response to US tariff increases,” a report released Monday by the Kiel Institute for the World Economy said. “The $200 billion surge in customs revenue represents $200 billion extracted from American businesses and households.” “The tariff functions not as a tax on foreign producers, but as a consumption tax on Americans,” Kiel researchers Julian Hinz, Aaron Lohmann, Hendrik Mahlkow and Anna Vorwig wrote.
Um, who else was going to bear the cost?
The corporations - duuuh.
Everyone knows that corporations are only interested in increasing quarter to quarter revenue to satisfy share holders so they will happily stop doing all that and instead - take a hit and start decade long r&d and reinvent their production locally to avoid raising prices.
/s in case it was not obvious.