Tariffs , according to Donald Trump , were supposed to make foreign exporters pay, revive U.S. manufacturing and reduce U.S. trade and government deficits.

High ambitions, but though it’s still early days yet, evidence is mounting that they are unlikely to accomplish any of these goals, said economists with Royal Bank of Canada.

So far it’s not foreign exporters but U.S. buyers who have absorbed most of the tariff costs.

Though U.S. buyers technically pay import duties, exporters can share those costs by lowering their prices. Yet the U.S. Import Price Index, which does not include duties, has “persistently” risen this year.

“This indicates U.S. buyers are continuing to pay higher prices, and there has been minimal tariff-sharing from foreign sellers,” said RBC senior economist Cl

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