ATLANTA, GA — A new survey from the Federal Reserve Bank of Atlanta finds that on average businesses say they expect to be able to pass along just over 51% of a 10% increase in costs and about 47% of a 25% increase in costs to their customers without harming their current demand levels.

That’s actually a lot lower than what they passed along in 2018 from then-President Trump’s earlier round of tariffs.

The bankers say it suggests that consumers are so price-sensitive right now that business owners cannot pass through the entire cost hikes like before without seeing sales suffer.