Despite President Donald Trump’s stern entreaty last month to Walmart to “eat the tariffs,” new Federal Reserve data reveal that many U.S. businesses are following the example set by the world’s largest retailer by quietly increasing prices and passing them onto consumers.
In its monthly Liberty Street Economics report on June 4, the Federal Reserve Bank of New York surveyed businesses in the New York–Northern New Jersey region, asking them about the tariffs they encountered, recent changes in the cost of imported goods, and whether they were passing on cost increases induced by tariffs to their customers.
