But very critically, this whole narrative that tariffs are something that other countries pay, that's not true.

The reality is tariffs are taxes that are paid on US imports.

They're paid by the US importer, the importer of record.

They're not paid by foreign countries.

They're not paid by foreign companies.

They are paid by US interests.

And ultimately, when tariffs make their wayThrough supply chains, the tariff cost is felt by the ultimate consumer.

And the ways that we, buyers of stuff, feel the effects of tariffs is not always simply in raised prices.