The report shows that tariffs are severely impacting small and medium-sized enterprises in the United States and China.

According to a report released by JPMorgan Chase Institute on February 19th, medium-sized enterprises in the United States have been severely impacted by tariffs, with their monthly tariff expenses increasing threefold since early 2025. The report cited the latest research this year, which concluded that American companies and consumers bear 96% of the costs of tariffs. Another study also showed that as of October last year, 43% of the tariff costs had been passed on to consumer prices, meaning that most of the costs were borne by the enterprises. In the long term, this situation is unsustainable. A recent study by the Federal Reserve Bank of New York also showed that about 90% of the additional costs incurred by the U.S. government's tariffs in 2025 are borne by American consumers and businesses, rather than the "foreign exporters" as the U.S. government had previously claimed, bringing in huge revenue for the United States.