Wells Fargo: U.S. importers forced to bear the costs of Trump tariffs, signs of passing on to consumers are emerging.

[Wells Fargo: U.S. importers forced to bear Trump tariff costs, signs of passing on to consumers begin to appear] Wells Fargo economists Sarah House and Nicole Cervi pointed out in their report that the increase in U.S. import prices indicates that foreign exporters have not borne the higher tariff costs. Data released on Thursday showed that non-fuel import prices rose by 1.2% year-on-year in June. They emphasized that the import price data does not include tariffs, so if exporters were absorbing the higher tariff costs imposed by Trump, import prices should have fallen accordingly. They warned: "Since import prices have not declined, domestic companies are being forced to bear higher tariff costs and are starting to pass them on to consumers."