According to online reports, Wells Fargo economists Sarah House and Nicole Cervi pointed out in their report that the rise in U.S. import prices suggests that foreign exporters have not borne higher tariff costs. Data on Thursday showed that non-fuel import prices rose 1.2% year-on-year in June. They emphasized that import price data did not include tariffs, so if exporters were absorbing the cost of higher tariffs Trump imposed on goods, import prices should have fallen accordingly. They warned: "As import prices have not fallen back, local companies are being forced to bear higher tariff costs and begin to pass them on to consumers."