摩根大通：关税严重冲击美中型企业

Core Insights - The report from JPMorgan Research indicates that U.S. mid-sized enterprises have been significantly impacted by tariffs, with monthly tariff expenditures tripling since early 2025 [1] - Tariff expenditures for U.S. mid-sized enterprises sharply increased starting in April 2025, reaching approximately three times the levels seen in April by August, and have since stabilized at high levels [1] - Overall, tariffs account for about 10% of the international expenditures of all U.S. mid-sized enterprises, while for those paying tariffs, this figure rises to approximately 15% [1] Financial Impact - A recent study cited in the report reveals that U.S. businesses and consumers bear 96% of the tariff costs, with 43% of these costs passed on to consumer prices as of last October, indicating that most of the burden falls on businesses [1] - The New York Federal Reserve's research shows that about 90% of the additional costs from tariffs imposed by the U.S. government in 2025 will be borne by American consumers and businesses [1]