This doesn’t account for stockpiling or substitution, correct?
Discussion
would stockpiling affect the price or only the volume post April in this graph?
If the BLS data is pre-tariffs, we can’t know what country goods are coming from. It’s well known China ships stuff through other countries all the time. I’m not sold on looking at BLS data (that gets revised 100% of the time) to say customers are paying the tariffs. It might be so, just not convinced.