As trade talks between the U.S. and China drag on, economists and analysts are trying to measure the impact it’s having on consumers and businesses. A study last month from the National Bureau of Economic Research found that recent rounds of tariffs have affected the prices of U.S. imports, but have yet to be passed on to consumers. Why? “Retailers are absorbing a significant share of the increase in the cost of affected imports by earning lower profit margins on those goods,” the paper said. Meanwhile, President Trump this week warned that while a trade deal with China was close, he would “substantially” raise tariffs on Chinese goods in the weeks before Christmas. That could hurt retailers during one of their busiest times. Read more at Fortune.