JPMorgan Report Shows U.S. Businesses Bearing Brunt of Tariffs

New research from the JP Morgan Chase Institute suggests that midsize American businesses are feeling the strain of recent tariff policies. The study found that tariff payments by these firms have tripled over the past year, directly contradicting claims that the financial burden falls primarily on foreign exporters. Businesses employing a total of 48 million people are reportedly facing mounting cost pressures as a result.

In response to these costs, many companies have been forced to raise prices for consumers or trim their hiring plans to protect profit margins. Some firms are also attempting to shift their supply chains away from China toward other regions in Asia to avoid the heaviest duties.

The White House has dismissed the findings, maintaining that the administration's trade strategy is necessary for long-term economic growth. However, recent figures from the U.S. Census Bureau show the trade deficit widening, adding further fuel to the debate over the effectiveness of the current tariff landscape.