5. One important lesson from our study: Even if the retail price rises by less than the tariff rate, consumers can still end up covering the entire tariff in dollar terms.

4. A ~7% rise in consumer prices on a 25% tariff may seem like incomplete pass-through. Yet, the retail price is much higher than the importer's purchase price on which tariffs were assessed and we cannot rule out that consumers paid the full amount of the extra tariff revenue.

3. In response to a 25% tariff, exporters cut prices by about 5%, the importer absorbed much of the cost, raising wholesale prices only ~5%. Consumer prices rose by ~7%, showing full pass-through from wholesale to retail.

2. Using confidential data from a large U.S. wine importer during the 2019–2021 tariffs on European wines, we tracked how much the foreign exporter received, how much U.S. wholesalers paid to the importer, and what consumers paid at retail.

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Because employment data address the bias against the smallest productive units that characterize firm-level datasets, our approach uniquely assesses and highlights the dominance of the left tail of the business size distribution in less developed countries.

We also find a close negative business size-Gini relationship and a closer connection between individual income and business size for workers in less developed countries compared with those in advanced economies.

Using official employment surveys for 45 advanced economies and Latin American countries, we show that the positive cross-country correlation between business size and GDP per capita is tighter than previously found using firm-level datasets.