President Donald Trump holds a chart next to Secretary of Commerce Howard Lutnick as Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington on April 2, 2025. Carlos Barria/Reuters
U.S. midsize businesses could face $82.3 billion in added import costs under President Donald Trump’s current tariff policies, JPMorgan said in new research, warning that firms operating on tight margins—especially wholesalers and retailers—may struggle to absorb the financial hit.
The findings come from two reports released by JPMorgan on July 2, one focusing on how tariff effects on midsize firms are distributed across industries and trading partners, and the other examining the impact on midsize firms in different U.S. metropolitan areas. Together, the reports highlight how midsize companies, which generate about a third of U.S. private-sector revenue and employment, are especially vulnerable to a shifting trade landscape.
