Report shows tariffs severely impact U.S. medium-sized enterprises

Glonghui, February 21｜JPMorgan Institute released a report on February 19 stating that U.S. mid-sized enterprises have been severely impacted by tariffs, with their monthly tariff expenditures tripling since early 2025. The report cites the latest research this year, indicating that U.S. companies and consumers bear 96% of the tariff costs. Other studies also show that as of last October, 43% of the tariff costs had been passed on to consumer prices, meaning that most of the costs are borne by enterprises. In the long run, this situation is unsustainable. Additionally, a recent study published by the Federal Reserve Bank of New York shows that about 90% of the additional costs from the U.S. government's tariff increases in 2025 will be borne by U.S. consumers and businesses, rather than by foreign exporters as the U.S. government has repeatedly claimed, nor will it bring huge revenues to the U.S. as previously stated.