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Tariff burden sharing over as U.S. import price inflation accelerates

China 2609 Cons. Discr. - Apparel 375 Cons. Discr. - Durables 347 European Union 662 Industrials - Capital Goods 476 Trade Balance 868 U.S. 4649

The weight of tariffs on U.S. imports increased in October, reaching 3.1% of merchandise imports. That was the highest since February as imports of Chinese goods outpaced the rest of the world, raising costs for U.S. importers. There had previously been a degree of burden sharing between exporters and importers via import price deflation. That process is over. In October import prices excluding food and fuel rose by 1.6%, the fastest rate since July 2018. The price of shipments from China rose by 0.1% while those from the EU increased by 2.0%. The recovery of import prices from China has...

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