A new analysis from the JPMorgan Chase Institute reveals that while aggressive trade policies implemented in 2025 have successfully driven a significant wedge between midsize American businesses and Chinese suppliers, the decoupling has come with a staggering price tag for U.S. companies.
The report, titled “Tracking international payments: How are midsize firms reacting to tariffs?” paints a picture of a business sector that is bending but not breaking under historic pressure. According to JPMorgan banking data on financial outflows of firms with revenues between $10 million and $1 billion, the cost of importing goods has skyrocketed—and American companies are bearing the brunt.
