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Strange how US journalists and economists keep insisting cost of tariffs is being paid by US consummer. That’s patently false, although it’s a message Chinese authorities love
It is not difficult to imagine a scenario where Chinese companies will pay 80-90% of tariff total directly to US Treasury. In markets with very thin margins, producer would have to cut profit margins by that much and keep prices competitive in order to stay in the market
If Chinese authorities devalue RMB to keep prices, then cost will be paid by Chinese importers - again you might easly think a Chinese oil importer is paying the tariff directly to US treasury and US consumer sees no change in prices
