A common myth is that tariffs are paid by the exporting country. In reality, domestic importers pay the tariff, and most of that cost gets passed to shoppers as higher prices.

Studies of recent trade wars found that American consumers bore nearly the entire cost of tariffs on Chinese goods. Prices rose on everything from washing machines to electronics — a hidden tax on people at home.

Some protected producers do benefit, but the net effect on the economy is almost always negative. Their gains rarely outweigh the losses spread across everyone paying more.