The report shows that tariffs severely impact U.S.-China medium-sized businesses

JPMorgan Chase Institute released a report on February 19 stating that U.S. mid-sized businesses have been severely impacted by tariffs, with their monthly tariff expenses increasing to three times the original amount since early 2025. The report concludes that, according to the latest research this year, American businesses and consumers bear 96% of the tariff costs. Another study also shows that as of October last year, 43% of the tariff costs had been passed on to consumer prices, meaning most of the costs are borne by businesses. In the long term, this situation is unsustainable. Additionally, a recent study published by the Federal Reserve Bank of New York indicates that approximately 90% of the additional costs resulting from the U.S. government’s tariff hikes in 2025 are borne by American consumers and businesses, rather than the foreign exporters, as the U.S. government has repeatedly claimed, which would bring substantial revenue to the U.S. (CCTV International News)