Free Trade

Infographic: Who Really Pays for Tariffs? These Scholars Tracked a Bottle of Wine To Find Out.

Consider it a boozy, tariff-themed version of "I, Pencil."

Eric Boehm | 4.2.2026 4:00 PM

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As many Americans have learned over the past year since "Liberation Day," tariffs can warp supply chains in a variety of ways.

Most importantly, they raise prices for consumers. In fact, consumers end up paying the full cost of a tariff and then some.

That's according to a recent study published by the National Bureau of Economic Research that tracked how tariffs impact producers, importers, distributors, and consumers. To do that, the paper's five authors tracked a single bottle of imported wine as it moved........

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