In July, Uncle Sam collected $30 billion in tariffs . That’s a record tariff monthly haul, and President Donald Trump is trumpeting the number as a sign of success for his trade policy.

But when the federal government gets richer, it means the private sector gets poorer. Every dime of tax collected by the federal government is money a taxpayer no longer has.

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So who pays the tariffs?

It depends on how literally you mean that question, on which tariffs you’re talking about, and on how you count. Mostly it depends on market conditions, including the amount of competition and the elastici

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