“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.
Trump knows who is paying it. He just has to say otherwise to appease his braindead cult.
This is a wealth transfer from the poor to the rich, and quite transparently so.
Truly we are living in the Age of the Grifter.