JPMorgan analysis finds Trump’s tariffs are working on China—at a huge cost to small American business

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...