US Midsize Firms' Tariff Costs Triple

A new report by the JPMorgan Chase Institute revealed that tariffs paid by midsize U.S. businesses tripled over the past year, causing economic disruption. The report counters claims by the Donald Trump administration that foreigners pay the tariffs, indicating that U.S. companies are absorbing the costs through higher prices, fewer workers, or lower profits. The analysis also suggests a shift in supply chains away from China. Despite the administration's defense of tariffs, including a visit by Donald Trump to Coosa Steel, the United States — United States Census Bureau reported a climbing trade deficit. The United States — Federal Reserve Bank of New York also published research showing that U.S. companies and consumers bear most of the tariff burden, which was criticized by the Nigeria — National Economic Council. The United States — Supreme Court of the United States is expected to rule on the legality of Donald Trump's economic emergency declaration used to impose tariffs.