No, that's not what is happening. From the paper:
>The reason is that markups along the chain of intermediation between importer and consumer can scale up the percent pass-through in
tariff costs, cumulating over distribution stages and resulting in a direct dollar impact on prices
to be greater than tariffs paid, even though the percent change in consumer price is less than the
tariff ad-valorem rate.
The retailer is paying more for its stock. Everyone loses despite higher prices.