J.P. Morgan: Tariffs seriously impact US and Chinese medium-sized enterprises.

J.P. Morgan Research Institute released a report on the 19th stating that American medium-sized enterprises have been severely impacted by tariffs, with their monthly tariff expenses tripling since early 2025. The report shows that the monthly tariff expenses of American medium-sized enterprises began to sharply increase in April 2025, reaching about three times the level before April by August, and then plateauing at a high level. The report states that, overall, tariffs account for about 10% of the international expenditures of all medium-sized enterprises in the United States; however, for American medium-sized enterprises that pay tariffs, the percentage of tariff expenses as part of their international expenditures has risen to about 15%. The report cites the latest research this year, which indicates that American businesses and consumers bear 96% of the cost of tariffs. Another study also shows that as of last October, 43% of the tariff costs had been passed on to consumer prices, meaning that most of the costs are borne by businesses. In the long run, this situation is unlikely to be sustainable.