Clyde Prestowitz May 30. Yes. On the one hand, U.S. consumers are not actually paying that much. The bulk of the tariffs have been swallowed by the Chinese side and intermediary distributors. On the other hand, Chinese exports of the tariffed products are heavily subsidized and put downward pressure on U.S. jobs, wages, and buying power. As a mercantilist trade, China routinely beggars its neighbors.