Thing that everyone with a functioning brain said about tariffs is indeed happening

Tom Fairless writing for The Wall Street Journal: Americans Are the Ones Paying for Tariffs, Study Finds

By analyzing $4 trillion of shipments between January 2024 and November 2025, the Kiel Institute 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%.

I've addressed this before, and I'll reiterate: when the U.S. imposes tariffs on imported goods, it's essentially a tax on American consumers. Every time Trump complains about the massive amount of money the tariffs have brought it, remember that's when he's boasting about massively raising your taxes.

It's also worth noting that the impact of these tariffs on you depends significantly on your income level. Those with lower incomes are more affected because a larger portion of their income goes toward goods and services. For wealthier individuals, obviously some spending goes toward goods and services as, but a substantial portion is typically allocated to investments, retirement, and savings.