Analysis Shows Trump’s Tariffs Would Cost U.S. Employers $82.3 Billion

A new analysis finds that a key group of U.S. employers would face direct costs of $82.3 billion under President Donald Trump’s current tariff proposals—a burden that could be offset only through price hikes, layoffs, hiring freezes, or reduced profit margins, Josh Boak reported for the Associated Press (AP).

Major companies such as Amazon, Costco, Walmart, and Williams-Sonoma managed to delay the full impact by stockpiling inventory ahead of the new import taxes. I Photo: Harrison Keely Wikimedia Commons

The analysis by the JPMorgan Chase Institute is among the first to quantify the direct impact of import taxes on mid-sized businesses with $10 million to $1 billion in annual revenue—a category that employs about a third of private-sector U.S. workers.

These businesses rely more heavily than others on imports from countries like China, India, and Thailand. Retail and wholesale sectors are expected to be particularly vulnerable to the new tariffs being imposed by the Republican president.

The findings undermine Trump’s claim that foreign manufacturers would bear the brunt of tariff costs. Instead, U.S. companies that depend on imports are likely to be hit hardest.

While the tariffs have yet to significantly boost inflation, major companies such as Amazon, Costco, Walmart, and Williams-Sonoma managed to delay the full impact by stockpiling inventory ahead of the new import taxes.

The analysis comes just before Trump’s July 9 deadline to formally set tariff rates on goods from dozens of countries. Trump announced that deadline after financial markets reacted negatively to his initial tariff plans in April, prompting him to allow a 90-day negotiation window.

Currently, most imports face a 10% baseline tariff, with higher rates on goods from China, Mexico, and Canada, and separate 50% tariffs on steel and aluminum.