A new analysis from Deutsche Bank concludes that President Donald Trump’s latest wave of tariffs is being financed largely by U.S. companies and consumers rather than foreign exporters. The bank examined second-quarter import-price data and found little evidence that overseas suppliers are cutting prices to offset duties, indicating the cost is being absorbed domestically. The study estimates that Washington has already collected more than $100 billion in tariff revenue this year. Export prices from China — where average tariff rates have jumped more than 30% — have fallen only 1%, reinforcing the view that U.S. importers are taking the hit in their profit margins. Deutsche Bank warns that the squeeze on corporate margins is likely to filter through to retail shelves, adding upward pressure on inflation. U.S. consumer prices rose 2.7% in June from a year earlier, the fastest pace since February, while core inflation climbed to 2.9%. On a monthly basis, the Consumer Price Index advanced 0.3%. The findings have intensified criticism from Democratic lawmakers who call the levies a hidden tax on working families, even as the White House maintains that inflation remains under control and credits the tariffs for strengthening U.S. negotiating leverage. Economists caution that sustained cost-pass-through could complicate Federal Reserve efforts to keep prices in check.