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Who's Paying For Trump's Tariffs? You Are, Businesses Say

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
If there was any doubt about who would ultimately pay the cost of Donald Trump's new import taxes, businesses have a clear answer: customers.
The article from Investopedia discusses the impact of tariffs imposed by former President Donald Trump on American businesses and consumers. According to the article, while the tariffs were intended to protect domestic industries and reduce the trade deficit, the costs are largely borne by U.S. businesses and consumers rather than foreign exporters. Businesses have reported increased costs for imported goods, which they often pass on to consumers in the form of higher prices. A study by the Federal Reserve Bank of New York and Columbia University found that the full burden of the tariffs fell on U.S. importers, contradicting claims that foreign producers would absorb the costs. This has led to concerns about the tariffs' effectiveness and their contribution to inflation and reduced economic growth.

Read the Full Investopedia Article at:
[ https://www.investopedia.com/who-s-paying-for-trump-s-tariffs-you-are-businesses-say-11749810 ]