Donald Trump keeps saying that foreigners are paying his tariffs. He talks as though he thinks China, Japan, and other trading partners are sending the Treasury checks every month. (They go on the “tariff shelf.”) Who knows what Trump actually thinks, but insofar as there is a story of foreigners paying the tariffs it would take the form of lower import prices.

We have good data on this. The Bureau of Labor Statistics releases data on import prices every month. We got the data for November on Thursday and it goes the wrong way. Non-fuel import prices rose 0.1% for the month and........

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