Who will pay for Trump’s tariffs?

This article discusses the implications of recent US tariffs on inflation, particularly focusing on business leaders’ perspectives. Walmart CEO Doug McMillon emphasized that higher tariffs will inevitably lead to increased prices, prompting a response from President Trump, who insisted that retailers should absorb the costs. Evidence from the Philadelphia Fed and academic research indicates that the burden of tariffs is largely falling on the US supply chain and consumers, countering claims that foreign exporters would bear the cost.