By analyzing $4 trillion of shipments between January 2024 and November 2025, researchers found that foreign exporters absorbed only about 4% of the burden of last year’s U.S. tariff increases by lowering their prices, while American consumers and importers absorbed 96%. The tariffs had a significant effect on trade volumes: Facing higher U.S. tariffs, Indian exporters maintained their prices but reduced the volume of shipments to the U.S. by 18%-24% relative to the European Union, Canada and Australia, the report found. Rather than acting as a tax on foreign producers, the tariffs functioned as a consumption tax on Americans. The $200 billion in additional U.S. tariff revenue last year “was paid almost exclusively by Americans.” https://www.wsj.com/economy/trade/americans-are-the-ones-paying-for-tariffs-study-finds-e254ed2e?st=P6rcZN&reflink=desktopwebshare_permalink(Nick Timiraos)