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Who really pays the U.S. tariffs? Jared Bernstein, former chair of the U.S. Council of Economic Advisers, is crystal clear during an interview with MSNBC. "U.S. importers pay the bill – full stop." They then pass the cost down the chain, ultimately hitting American consumers the hardest, says Bernstein. Businesses cannot bear the cost of tariffs in the long term as inventory runs low and profit margins are squeezed, he explains. "We're seeing the tip of the spear and we'll see more of this as the trade war goes on," he concludes.