When tariffs are tacked on to many imported goods, someone’s got to foot the bill.
According to President Donald Trump, foreign countries and overseas businesses are eating the cost. But evidence shows that American consumers and businesses are paying for the tariffs the administration has implemented as its go-to policy levers.
“It been proven, that even at this late stage, Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury’s coffers,” Trump posted on his social media site, Truth Social, earlier this month. “Also, it has been shown that, for the most part, Consumers aren’t even paying these Tariffs, it is mostly Companies and Governments, many of them Foreign, picking up the tabs.”
Trump’s post did not include any substantiation for his claims.
There is a growing field of evidence to the contrary: Economic data, academic research, businesses’ expenses, and people’s first-hand experiences are showing that it’s American firms and consumers who are seeing increasingly higher costs due to the tariffs.
