An analysis by the JPMorganChase Institute found that a critical group of American employers would face an $82.3 billion direct cost from President Donald Trump’s current tariff plans, according to the Associated Press. The sum could potentially be managed through price hikes, hiring freezes, layoffs or lower profit margins.
The analysis is one of the first to measure the direct costs that would result from the import taxes on businesses with $10 million to $1 billion in annual revenue. That category includes around one-third of private-sector U.S. workers. These companies are more dependent than other businesses on imports from China, India and Thailand. The wholesale and retail sectors would be particularly vulnerable.
The analysis precedes Trump’s July 9 deadline to formally set the tariff rates on goods from dozens of countries.
