Inflation is only at 2.6% year-over-year. This means that nearly 100% of the cost of tariffs has been eaten by the foreign manufacturers and importers. Which is exactly what I’ve been arguing would happen. Let me explain what is happening: The notion that tariffs would be passed onto customers has always been laughable on its face, once you understand that manufacturing is only 20% to 40% of the price of an item for sale. The rest includes advertising, warehousing, transportation and sales markup. (Importers have high transportation costs to get the product to America, but that’s all part of replacing...