Given the relatively low inflation in 2025, I’m skeptical of the claim that consumers bore 96% of the tariff burden. With CPI inflation at 2.7% and roughly $18,000 in goods consumption per person in US, total price increase in goods work out to ~160B. A $200 billion increase in customs revenues would exceed the total price increases attributable to inflation - which makes little sense if 96% of that was paid by consumers. Essentially tariffs did not increase inflation in any meaningful sense which means that somebody else paid the bill - not consumers.