Tariffs do what you propose if there is no premium left for selling into a market

But if the seller has been monetizing the premium (for itself or somewhere in its supplu chain), the seller will accept a new price until they cant

If you believe the current market is efficient then tariffs will make things more expensive.

If you believe the markets are inefficient, where sellers or their downstream supply chain, are enjoying some extra juice, things wont become more expensive.

The US has a lot of buying power and sellers, if they can afford it, will eat the tariff. If they cant things will get more expensive.

Consensus is the former, but Bessent and Lutnick believe the latter.

Time will tell.