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The Economics of Tariffs -- by Ralph Ossa, Stephen J. Redding
An economic analysis of tariff policy examines how tariffs function as a tax on international trade, distorting prices for domestic consumers and producers. The research highlights that recent waves of U.S. tariffs have largely been absorbed by American importers, wholesalers, retailers, and consumers rather than foreign exporters. The tariffs have triggered a significant reorganization of U.S. supply chains away from China toward third countries, though indirect exposure to China persists throu