Americans will be much less affected than Chinese producers by tariffs imposed by the Trump administration on hundreds of billions in exports from China, according to researchers from Germany and Switzerland.

“Contrary to public opinion, the greatest share of the tariff burden falls not on American consumers or firms, but on Chinese exporters,” Benedikt Zoller-Rydzek and Gabriel Felbermayr wrote in their November report for the European Network for Economic and Fiscal Policy Research.