Sarah House and Nicole Cervi, economists at Wells Fargo, pointed out in their report that the rise in import prices in the United States indicates that foreign exporters have not borne the higher tariff costs. Data on Thursday showed that non-fuel import prices rose by 1.2% year-on-year in June. They emphasized that import price data does not include tariffs, so if exporters are absorbing the higher tariff costs imposed by Trump on goods, then import prices should have fallen accordingly. They warned: "As import prices have not fallen, local businesses are being forced to bear higher tariff costs and are starting to pass them on to consumers."