“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.
Of course. I know it is a billion scandals away by now, but back in April 2025 he openly admitted that he and his billionaire friends exploited the insider knowledge of the coming tariffs on the stock market during his first round of tariffs.