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Notes -
For countries which are not China, it seems that there is a bit of a "market correction" for tariffs: high US tariffs reduce demand from the US, tanking the exporting country's exchange rate to the dollar, which makes those imports more affordable, after which point the prices don't seem so high anymore even including tariffs. The Fed estimated that this feedback loop reduces the effect of tariffs by about half. Trump's recent announcement of tariffs on Korea and Japan increased the exchange rates there by about 2%, which is the TACO-inclusive correction.
In the case of China, though... well, they tend to try to peg the RMB to the dollar (although it hasn't been pegged directly since 2010), so I imagine the effect will be much worse for them.
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