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Trump tariffs would cost US employers $82.3B: JPMorganChase Institute

UNITED STATES, JUL 2 – JPMorganChase Institute reports tariffs under former President Trump cost midsize U.S. companies $82.3 billion, averaging $2,080 per employee and 3.1% of payroll.

  • The JPMorganChase Institute reported that U.S. businesses with yearly incomes ranging from $10 million up to $1 billion are expected to incur $82.3 billion in direct expenses due to tariffs imposed under President Trump's administration.
  • This cost arises from import duties introduced following an April 2 tariff plan that could have increased expenses to $187.6 billion, with a July 9 deadline set for finalizing duty schedules affecting products from numerous countries.
  • The analysis highlights that retail and wholesale sectors are particularly vulnerable, while tariffs may encourage some domestic manufacturers to strengthen supplier roles amid low profit margins.
  • The $82.3 billion equals about $2,080 per employee or 3.1% of payroll, and Treasury Secretary Scott Bessent said career officials call these trade deals "like they've never seen before."
  • Companies might offset costs via price increases or workforce changes while the administration plans to prioritize the recently passed tax cuts package and continue trade discussions next week.
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The president has indicated that he will fix tariff rates due to the logistical challenge of negotiating with so many nations.

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The Columbian broke the news in Vancouver, United States on Wednesday, July 2, 2025.
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