Steve Liesman noted that recent data indicates the supposed tariff revenue from foreign countries is a misconception. Despite Trump's claims of high revenue, experts argue that American consumers and companies are absorbing the costs. The Bureau of Labor Statistics reported a 0.4% increase in U.S. import prices in July, suggesting that these costs are not being absorbed by exporters. Liesman emphasized that higher prices for finished goods imply that the burden of tariffs is falling on Americans and not on foreign exporters.
If import prices are up, it means that they're not paying it overseas. Prices for major finished good import categories were mostly up in July. Import prices for consumer goods increased 0.4% in July. We cannot find the idea that foreign exporters are absorbing this price.
When looking at the new import data which indicates a 0.4% increase in July, it shows that tariff costs are likely being passed on to American consumers.
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