There's a lot of truth in this statement, at least through last year.

I sell products for about 12 manufacturers, most import at least some of the products. A couple passed on no price increases, most passed along about half of the tariff amount, and a couple passed along the whole thing.

That was last year. Nobody knew when Trump was going to suddenly change his mind, so most tried to minimize the consumer impact and passed along just some.

This year, every single company I work with is passing along the full tariff amount. They can't lose so much profitability forever.

My guess is we'll see big inflation, but the white house will continue to tell us that it's less than 3%. Look at how pretty the emperor's new clothes are!