Key Takeaways Companies are raising prices in response to President Donald Trump’s tariff campaign, according to surveys.

Some companies are passing the full cost to customers, while others are eating some of the costs themselves.

Some companies have begun emailing customers to let them know prices are rising because of tariffs. One luggage company emailed its customers to say they were raising prices in response to the “dumpster fire” tariffs.

If there was any doubt about who would ultimately pay the cost of Donald Trump’s new import taxes, businesses have a clear answer: customers.

That’s according to recent surveys and anecdotes collected by Federal Reserve banks and released this week. Separate survey results released this week from a few regional Fed outposts found that companies in their area are passing on at least some of their tariff costs to consumers.

Most businesses in New York and northern New Jersey passed at least some of their tariff costs on to customers—a third of manufacturers and 45% of service firms passed along the entire cost, a survey by the New York Fed in May found. An April survey of regional businesses by the Atlanta Fed found that most firms would pass at least some of the tariff costs on to customers, with nearly 20% saying they’d pass on the entire cost of a hypothetical 10% tariff.

On top of that, the Fed’s “beige book” compilation of reports from around the country was full of stories about businesses raising prices to make up for the increased cost of imports.

The surveys and report shed light on a question with major implications for household budgets and the economy: how much will Trump’s tariffs push up prices for everyday goods and services?

Since February, Trump has imposed a dizzying and frequently changing array of import taxes, including a 10% tariff on items from most countries and a 25% tariff on many foreign cars. Averaged together, goods imported from overseas are facing a 15.6% tariff, the Yale Budget Lab calculated last week.

The issue of who, exactly, will pay the cost of those tariffs has been politically explosive. Amazon drew a barrage of criticism from the White House in April after it floated plans to show the cost of tariffs on the price tags in its online store. Similarly, Trump blasted Walmart after its executives said tariffs would push up prices, and the president demanded the retailer “eat” the cost of the tariffs.

Dear Valued Customer …

As recent surveys suggest customers will be chowing down on at least some of the tariff costs, companies are giving their customers the bad news up front. Companies in various industries are emailing their customers and alerting them to price increases, blaming tariffs.

For example, Typology, a company that sells imported skincare products from France, emailed its customers to say it was absorbing much of the cost of the tariffs, but was implementing a “modest price adjustment” between 0.5% and 4.5%. Tonies, a maker of an audio player for children, said it was raising prices for some of its figurines to $19.99 from $14.99.

BÉIS, which sells imported luggage, went viral on LinkedIn last month for its notably candid email about the unpredictable tariff policies.

Investopedia via LinkedIn

“This tariff situation is a complete dumpster fire, and we’re all getting burned,” the company’s marketing team wrote. “Costs are up, and unfortunately our prices will have to follow suit.”