New inflation data confirms anecdotes from Corporate America: U.S. importers are bearing the brunt of tariffs so far — costs that look set to be passed along to consumers.

Why it matters: The extent to which higher trade-related costs fall more heavily on overseas suppliers, American companies or U.S. consumers will define the Trump-era economy in the years ahead.

Driving the news: The Producer Price Index, a measure of prices paid to wholesalers, came in fiery hot, rising 0.9% in July — the biggest gain in three years. For context, economists expected a mere 0.2% monthly increase, following a flat reading in June. • The bulk of that increase stemmed from a gauge of profit margins included in the report's measure of service sector costs. • Within services, margins at wholesalers and

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