Goldman Finds "Sharp Declines" In Import Prices As Foreigners Absorb Trump's Tariffs

Back in late June, we were first to point out something startling: contrary to conventional wisdom according to which prices of heavily-tariffed goods would surge and spark runaway inflation (just skim this from certified idiot Paul Krugman), we found just the opposite, namely that Japanese passenger car export prices had plunged by the most on record, demonstrating that it was foreign producers that were eating the bulk of the tariffs, certainly in this particular case.

well would you look at that: guess who is eating all those tariff costs (hint, it's not US consumers) pic.twitter.com/iwdKyeqTII

— zerohedge (@zerohedge) June 22, 2025