The bigger mystery is why the stagflationary impact of tariffs has yet to materialise in the aggregate data. Is the US really enjoying a free lunch, taking in $300bn a year in tariff revenues with none of the expected heartburn? By some estimates, foreign exporters are indeed absorbing 20 per cent of the costs — a much larger share than they did in response to tariffs in Trump’s first term. The remaining 80 per cent, however, is still getting paid in roughly equal shares by US corporations and consumers.

https://archive.ph/oIvWl#selection-2203.0-2207.447

(http://www.autoadmit.com/thread.php?thread_id=5755750&forum_id=2/en-en/#49138467)