For all the worry about tariffs causing pain for American consumers, shoppers have so far been mostly shielded from — or shrugged off — higher prices at the checkout aisle.

Businesses absorbed much of the costs from new levies as they took effect last month, economic reports this week indicated. Profit margins at retailers and wholesalers shrank in April by the most in almost a year. Manufacturers signaled they are paying higher prices. Yet consumer inflation remained tame, and Walmart Inc. reported solid sales as it kept prices low.