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Tariffs paid by midsized US firms tripled last year, new analysis from JPMorganChase Institute shows
Middle-market firms with revenues from $10 million to $1 billion face tripled tariffs, pressuring prices, hiring, and profits, JPMorganChase Institute found.
- On Thursday, the JPMorganChase Institute found tariffs paid by middle‑market firms tripled last year, focusing on businesses with revenues between $10 million and $1 billion.
- The Trump administration, citing national security, increased tariffs last year and declared an economic emergency to impose baseline taxes, according to the policy.
- Using payments records, the JPMorganChase Institute found payments to China by middle‑market firms were 20% below October 2024 levels, indicating possible rerouting or supply‑chain shifts.
- Middle‑market firms employing a combined 48,000,000 people absorbed higher import taxes by raising prices, hiring fewer workers, or accepting lower profits, while financial markets and policy actors faced turmoil and voter frustration increased.
- Amid legal and scholarly scrutiny, the Supreme Court is expected to rule soon on whether Trump exceeded authority by declaring an economic emergency, while researchers plan to continue studying the issue.
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Coverage Details
Total News Sources15
Leaning Left5Leaning Right1Center8Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 36%
C 57%
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