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Tariffs paid by midsized US firms tripled last year, new analysis from JPMorganChase Institute shows
Midsize U.S. firms absorbed tripled tariffs in 2025 by raising prices, hiring fewer workers, or accepting lower profits, impacting businesses employing 48 million people, JPMorgan found.
- On Thursday, the JPMorganChase Institute found tariffs paid by midsized U.S. businesses tripled last year, based on payments data for firms with $10 million–$1 billion in revenue.
- After April 2, 2025, the Trump administration imposed tariffs and removed the de minimis exemption, raising average U.S. tariffs to 13%.
- The report said `A stable trend was interrupted by a sharp increase starting in April 2025`, and payments to China fell about 20%, while outflows to Southeast Asia, Japan, and India accelerated.
- Midsized firms are absorbing higher import costs by raising prices, employing fewer workers or accepting lower profits, with 43 percent passed to consumers by Oct. 2025.
- Politically, the findings challenge administration claims as the U.S. trade deficit rose by $25.5 billion to $1.24 trillion last year, with the Supreme Court expected to rule soon.
90 Articles
90 Articles
Tariff Costs Triple for Midsized US Businesses: JPMorgan
Tariffs weren’t enough to end America’s import addiction. Last year, in spite of (or because of) the White House’s aggressive tariff campaign, the US trade deficit of goods reached a record high, according to data Thursday from the US Commerce Department. In other words, tariffs haven’t really altered the behavior of US consumers and companies. But according to a JPMorgan report published Thursday, the tariffs are definitely making life tougher…
Tariffs paid by midsize U.S. companies tripled last year, a JPMorganChase Institute study shows
Tariffs paid by midsize U.S. businesses tripled over the course of past year, new research tied to one of America’s leading banks showed on Thursday — more evidence that President Donald Trump 's push to charge higher taxes on imports is causing economic disruption. The additional taxes have meant that…
Midsize firms' tariff payments tripled: Analysis
A new analysis from the JPMorgan Chase Institute found that tariff payments by midsize U.S. firms roughly tripled in 2025. The analysis, published Thursday, shows that midsize firms’ tariff payments began increasing starting in April, the month that President Trump unveiled his sweeping “Liberation Day” levies on numerous trading partners. Tariff payments by midsize firms...
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Tariffs paid by midsized firms tripled; Fed not ready to cut rates | Hot off the Wire
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