If you guessed C, you are looking at the ledger. The Kiel data is blunt. **96% of the tariff burden** has been passed directly to US importers. Foreign exporters lowered their prices by a statistically negligible 4%. We are now in a "Phantom Tax" economy. Corporate taxes didn't officially move. Yet the cost of doing business for US importers jumped 20% overnight. Profit margins should be dead on arrival.