Tariffs Paid by Midsized U.S. Firms Tripled Last Year

Tariffs paid by midsized U.S. businesses tripled over the course of last year, new research tied to one of America’s leading banks showed on Thursday — more evidence that President Donald Trump's push to charge higher taxes on imports is causing economic disruption.

The additional taxes have meant that companies that employ a combined 48 million people in the U.S. — the kinds of businesses that Trump had promised to revive — have had to find ways to absorb the new expense, by passing it along to customers in the form of higher prices, employing fewer workers or accepting lower profits.

"That's a big change in their cost of doing business," said Chi Mac, business research director of the JPMorganChase Institute, which published the analysis on Thursday. "We also see some indications that they may be shifting away from transacting with China and maybe toward some other regions in Asia."

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