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Analysis projects $82.3B tariff hit to US firms

Jul 3, 2025, 9:27am EDT
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A truck driver works in front of shipping containers stacked up at Pusan Newport Terminal in Busan.
Kim Hong-Ji/Reuters

US companies could face an additional $82.3 billion in costs as a result of existing tariffs, a new analysis found.

The JPMorganChase Institute found that midsize US firms — which account for approximately one-third of private sector revenue and employment — can expect to pay $2,080 more per employee at current rates, amounting to a 3% payroll hike.

If tariffs revert to US President Donald Trump’s “Liberation Day” levels, projected costs will more than double, driven by higher levies on China and other Asian nations.

Given the “crucial” role of midsize firms in regional economies and national supply chains, the analysts wrote, tariffs could trigger a harmful “ripple effect,” inflicting damage on local businesses and consumers and depleting government tax revenues.

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