That’s exactly what happened in 2019, when Trump first imposed tariffs on Chinese imports. The yuan depreciated enough to offset the tariffs, leaving dollar prices largely unchanged and U.S. sales steady. Chinese exporters took the hit, earning fewer dollars per sale.

One team of economists found clear price increases for American consumers due to President Donald Trump’s tariffs. I, a chart, they compare the price tags for imported goods with those for goods made in the U.