Freshness note: This analysis was last updated 25 days ago. Fast-moving policy claims can change quickly, so check for newer official updates before relying on this verdict.
“Tariffs paid by midsize US companies tripled last year”
Summary
According to a JPMorganChase Institute study released in February 2025, tariff payments by midsize US companies increased approximately threefold in 2024 compared to the previous year. The study analyzed payment data from businesses with annual revenues between $20 million and $5 billion and found tariff costs rose from an average of $90,000 per company to $270,000 per company.
Primary Sources
Research study documenting tariff payment patterns among midsize US businesses in 2024, showing approximately 200% increase in average tariff costs
News reporting on JPMorganChase Institute findings regarding increased tariff burden on midsize companies
Official government source tracking US tariff collections and trade policy implementation
Evidence Supporting the Claim
- JPMorganChase Institute study documented tariff payments by midsize companies increased from approximately $90,000 per company to $270,000 per company in 2024
- The study defined midsize companies as businesses with annual revenues between $20 million and $5 billion
- The analysis was based on actual payment transaction data from JPMorgan Chase business accounts
- The increase represented approximately 200% growth, consistent with a tripling of costs
Evidence Against / Context
- The study focused specifically on midsize companies and may not reflect tariff cost changes for small businesses or large corporations
- The JPMorgan data represents businesses banking with that institution and may not capture the full universe of US midsize companies
Timeline
Beginning of period analyzed in JPMorganChase Institute study showing elevated tariff payments
End of period showing tripled tariff costs compared to baseline year
JPMorganChase Institute released study documenting tariff payment increases
What This Means
Structured interpretation — not opinion
Key takeaway 1
The tripling of tariff costs for midsize companies represents a significant increase in business operating expenses for this segment of the economy
Key takeaway 2
Midsize companies with revenues between $20 million and $5 billion saw average tariff costs rise by approximately $180,000 per company in 2024
Key takeaway 3
The data reflects actual payment transactions rather than estimates or projections, providing concrete measurement of tariff impact
Key takeaway 4
The increase corresponds with implementation of various tariff policies affecting imports across multiple product categories and countries
Related Claims in Economy
“Oil prices have risen above $115 per barrel due to Middle East tensions”
Oil prices did rise above $115 per barrel in March 2026 amid Middle East conflict. However, the claim lacks temporal specificity as prices subsequently fell on reports of potential conflict resolution, indicating volatility rather than a sustained increase solely attributable to tensions.
“Crude oil prices surpassed $110 a barrel due to the Iran war”
Crude oil prices did surpass $110 per barrel in early March 2026 during military conflict involving Iran. While the Iran conflict was a significant contributing factor to the price surge, oil prices are influenced by multiple factors including global supply disruptions, OPEC production decisions, and broader geopolitical tensions, making direct causation more complex than the claim suggests.
“The U.S. lost 92,000 jobs in February 2026”
The U.S. Bureau of Labor Statistics reported that total nonfarm employment decreased by 92,000 jobs in February 2026, marking the first monthly job loss since December 2020. The unemployment rate remained at 4.1 percent during the same period.