"So the actual cost to consumers is likely to rise not only from the increase in price due to the tariff, but also to price increases (or higher availability) of goods free of the tariff/tax. Consumers not only pay a higher price for the taxed goods, but may be forced to pay higher prices for alternative goods as well."

Let's not forget that the US Dollar has fallen 11% ( last I heard, last week ) against a basket of foreign currencies. Stands to reason that these foreign companies that import to the USA are going to want/demand more US Dollars for their products and goods. Put a tariff on top of
that higher price, and the potential is there for a good sized jump in prices. Powell and the
Fed were smart to sit tight and see how this plays out.

If it plays out as Albaby thinks it could, where every player in the process eats part of the tariff, then this leads to companies having lower gross profit margins, which in theory should
cause Wall St to place a lower PE ratio on Companies stock. So American stock holders would also get hurt by that, too.

Of course, we should see the National Debt shrink dramatically due to all of this tariff money flowing into the US Treasury, so perhaps the US Dollar will rise in value in relation to the foreign currencies. ( I'm sure it's easy to see that is sarcasm, lol )

MAGA says Trump is playing 3D chess, but even in 2D chess, it sure looks like he is backing himself ( and the Country ) into a corner.