A new analysis from the JPMorganChase Institute estimates that President Donald Trump’s proposed import tariffs would directly cost U.S. employers about $82.3 billion. The burden would fall most heavily on mid-sized businesses, those with $10 million to $1 billion in annual revenue, that employ roughly a third of the country’s private-sector workforce.
Companies in the retail and wholesale sectors are especially at risk since many rely on imported goods from countries like China, India, and Thailand. Experts say businesses may respond with price hikes, job cuts, hiring freezes, or lower wages to absorb the added costs.
While Trump has claimed foreign exporters would cover the tariffs, the report shows U.S. employers are likely to bear the brunt, with economists warning that about 60% of tariff costs will show up as higher consumer prices.
The final tariff rates are expected to be announced next week.
