Trump’s tariffs set to cost American employers $83billion, analysis finds
Experts reveal the true cost of Trump’s tariffs on American businesses
- A new analysis by the JPMorganChase Institute reveals that Donald Trump’s current tariff plans could impose a direct cost of $82.3 billion on a crucial segment of US employers.
- This financial burden primarily impacts companies with annual revenues between 10 million and 1 billion, particularly those in the retail and wholesale sectors heavily reliant on imports.
- The study directly challenges the assertion that foreign manufacturers would absorb tariff costs, indicating the financial strain falls squarely on US companies, potentially leading to price hikes or layoffs.
- The analysis comes ahead of a July 9 deadline for formally establishing tariff rates, with the current $82.3 billion cost being significantly lower than initial April proposals.
- Economists project that companies will pass on a substantial portion of these tariff costs to consumers, while the Trump administration views the tariffs as a means to offset tax cuts.