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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.
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Tariffs paid by midsized firms tripled; Fed not ready to cut rates | Hot off the Wire
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·Tulsa, United States
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'America First' backfires as Trump policy hurts US business and helps China
A new report from the JPMorganChase Institute confirmed that Americans are the ones paying for the higher tariffs President Donald Trump claimed other countries would pay for. The Daily Beast cited the report in a Thursday piece that mid-sized businesses employ around 48 million Americans and account for approximately one-third of gross domestic product (GDP) coming from the private sector. "We identified likely tariff payments made by midsize f…
·Washington, United States
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Coverage Details
Total News Sources83
Leaning Left14Leaning Right7Center52Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
L 19%
C 71%
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