Casting further doubt on the "foreigners will pay" claim from the Administration, July import prices rose 0.4% month-on-month while ex petroleum they were up 0.3% versus expectations of 0.1% MoM increases for both. Tempering the news is some downward revisions to June of 0.2 percentage points to both, to -0.1% and -0.2% respectively. Nonetheless, the data overall suggests that US importers are bearing the burden of tariffs so far and that at some point this will result in higher retail prices for goods. That could change in time, but it will take time to negotiate any price cuts with foreign producers and there is ... (full story)