Midsize U.S. businesses could face between $82.3 billion and $187.7 billion in additional costs under Donald Trump‘s sweeping “Liberation Day” tariffs, according to two new reports released Wednesday by the JPMorganChase Institute.
The analysis focused on firms with $10 million to $1 billion in annual revenue, which employ roughly one-third of the U.S. private-sector workforce. The report warns that high tariffs could lead to widespread price hikes, layoffs, and hiring freezes, particularly if paused tariff increases resume after the July 8 deadline.
A 55% tariff on Chinese imports would be especially burdensome, given that Chinese goods made up nearly 21% of midsize firms’ 2022 imports. Under full “Liberation Day” rates, average costs would exceed $4,700 per employee—over 7% of payroll.
The Trump administration has paused most tariffs temporarily, but may reimpose them if new trade deals aren’t reached. Press Secretary Karoline Leavitt said the deadline could shift.
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