The incidence result isn’t surprising, but incidence alone isn’t a full policy critique. Consumers bear most taxes in general: corporate, VAT, payroll, etc.

The real distinction is that tariffs are conditional. Currently, firms can avoid them by changing sourcing. That makes them more behavior-shaping than revenue maximizing.

Given that the U.S. never reversed the TCJA corporate cuts from 2020-2024, tariffs are one of the few active levers currently increasing the marginal cost of offshore supply chains.