President Biden’s decision last week to raise tariffs on roughly $18 billion of goods from China has revived a long-running debate in economics over who ultimately pays such tariffs.

The topic, usually consigned to the academy, is spilling onto the presidential campaign trail, as President Biden and rival Donald Trump jockey over trade policy. With trade barriers likely headed higher under either man, it also has consequences for economic performance and inflation in the U.S.

And to many economists, the exact answer is a mystery.

Read the article.