[JPMorgan Chase: Tariffs Severely Impact US Mid-Sized Companies] A report released by the JPMorgan Chase Institute on the 19th stated that US mid-sized companies have been severely impacted by tariffs, with their monthly tariff expenditures tripling since the beginning of 2025. The report shows that monthly tariff expenditures for US mid-sized companies began to increase sharply in April 2025, reaching approximately three times the level before April in August, before consolidating at a high level. The report states that overall, tariff expenditures account for about 10% of the international foreign spending of all US mid-sized companies; however, for US mid-sized companies that pay tariffs, the proportion of tariff expenditures in their international foreign spending has risen to approximately 15%. The report concludes by citing the latest research this year, indicating that US businesses and consumers bear 96% of the tariff costs. Other research also shows that as of last October, 43% of tariff costs had been passed on to consumer prices, meaning that most of the costs are borne by businesses. In the long run, this situation is unsustainable.
