JPMorgan analysis finds Trump’s tariffs are working on China—at a huge cost to American small business
JPMorgan Chase Institute analysis shows Trump's 2025 tariffs have successfully reduced U.S. midsize business reliance on Chinese suppliers by 20%, but at significant cost—tariff payments have tripled and companies are shifting to alternative suppliers in Southeast Asia, Japan, and India. The report warns that midsize firms, lacking the scale of multinational corporations, are particularly vulnerable to sustained cost increases from the new trade policies.
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