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**Who Pays for Tariffs Along the Supply Chain? Evidence from European Wine Tariffs**
"_By combining confidential transaction prices with foreign suppliers and U.S. distributors as well as retail prices, we trace price impacts along the supply chain, from foreign producers to U.S. consumers. Although pass-through at the border was incomplete, our estimates indicate that U.S. consumers paid more than the government received in tariff revenue, because domestic markups amplified downstream price effects._"
Aaron B. Flaaen, Ali Hortaçsu, Felix Tintelnot, Nicolás Urdaneta, and Daniel Xu, "Who Pays for Tariffs Along the Supply Chain? Evidence from European Wine Tariffs," NBER Working Paper 34392 (2025), https://doi.org/10.3386/w34392.
