New data from the JPMorgan Chase Institute, published Thursday, February 19, 2026, shows that tariffs paid by medium-sized businesses in the United States have tripled over the past year. The study emphasizes the growing economic impact of trade policies implemented during former President Donald Trump’s administration, with a direct effect on millions of American workers.
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Millions of Employees Impacted by Tariff Hikes
According to the report, the additional tariffs have increased costs for companies employing approximately 48 million people across the country, as reported by The Associated Press (AP). This group of workers represents a substantial portion of the U.S. labor force, highlighting the broad reach of trade policy on everyday Americans.
The rise in tariffs forces businesses to make difficult choices, from passing higher costs onto consumers through price increases to slowing hiring or accepting smaller profit margins. Each decision has consequences for workers, potentially affecting wages, job security, and future employment opportunities.
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Economic Consequences for Workers and Businesses
Medium-sized companies, often considered the backbone of the economy, face the challenge of balancing increased operational costs while protecting their workforce. Economists warn that prolonged tariff pressure could reduce overall hiring and constrain consumer spending, disproportionately affecting the 48 million employees tied to these firms.
While trade measures were originally framed as a way to protect domestic industries, the JPMorgan Chase Institute report highlights the unintended impact on workers. The findings underscore the human side of trade policy, showing that millions of Americans may feel the effects of tariffs long before broader economic indicators reflect the change.
