“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.
Duh.
But then again, 50% of voting Americans still think and say loudly that the other countries are paying them, think that they don’t affect their daily lives, or think the it’s the greatest thing since sliced bread.
Americans are dumb.