Donald Trump’s sweeping tariffs forced mid-sized U.S. companies to pass on the costs to American consumers, according to a damning report.
Analysis from the JPMorganChase Institute found that the amount of tariffs paid by mid-sized businesses has more than tripled since early 2025.
As a result, midsized companies—who employ around 48 million workers in the U.S. and generate roughly one-third of private-sector gross domestic product (GDP)—have had to absorb the costs in other ways, such as raising prices or accepting lower profits, the Associated Press reported.
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