Wells Fargo: American importers forced to bear the cost of Trump tariffs, signs of passing on to consumers are beginning to appear.

Economists Sarah House and Nicole Cervi from Bank of America stated in their report that the rise in import prices in the United States indicates that foreign exporters are not bearing the higher tariff costs. Thursday's data showed that non-fuel import prices rose by 1.2% year-on-year in June. They emphasized that import price data does not include tariffs, so if exporters are absorbing the higher tariff costs imposed by Trump on goods, import prices should have correspondingly decreased. They warned, "Due to the lack of a drop in import prices, domestic companies are being forced to absorb the higher tariff costs and are starting to pass them on to consumers."