United States: Have the tariffs been offset by the depreciation of other currencies against the dollar?

Since 2017, the United States has introduced tariffs on imported products for an additional total amount of $130 billion per year, which represents 5.4% of the value of US non-energy imports. In a situation of flexible exchange rates, if the exchange rate brings prices back towards purchasing power parity, there should be a depreciation of all currencies against the dollar that corrects the effect of tariffs on US import prices. But the exchange rate can be determined in a different way, for example by capital flows. We see that the dollar’s trade-weighted exchange rate since 2018, the actual start date of the US tariff policy, has appreciated by 7.5%, which has more than offset the implemented tariffs. As the tariffs have actually been more than offset by the depreciation of various currencies against the dollar, we understand the irritation of the Trump administration .