Midsize US Companies Pay Triple in Tariffs

JPMorgan Chase Institute study shows costs rising for smaller firms under Trump-era trade policies.

Feb. 22, 2026 at 4:30pm

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A new study from the JPMorgan Chase Institute has found that midsize U.S. companies paid three times more in tariffs in 2019 compared to 2017, as the Trump administration implemented a series of trade policies that imposed new tariffs on imports from China and other countries.

Why it matters

The rising tariff costs for midsize firms, which often lack the scale and resources of larger corporations, can put pressure on their profit margins and force them to pass along higher prices to consumers. This trend raises concerns about the broader economic impact of the Trump administration's trade policies.

The details

The JPMorgan Chase Institute analyzed data from millions of business banking accounts and found that midsize companies, defined as those with $10 million to $1 billion in annual sales, saw their tariff costs triple from 2017 to 2019. The study found that the average midsize company paid $1.4 million in tariffs in 2019, up from $470,000 in 2017.

  • The JPMorgan Chase Institute study analyzed data from 2017 to 2019.
  • The Trump administration implemented new tariffs on imports starting in 2018.

The players

JPMorgan Chase Institute

A research organization that analyzes economic trends and data.

Donald Trump

The former president of the United States who implemented new tariffs on imports during his administration.

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The takeaway

The JPMorgan Chase Institute study highlights the disproportionate impact of the Trump administration's trade policies on midsize U.S. companies, which may be forced to raise prices or cut costs to offset the rising tariff burden.