By Admin 
US Tariffs: The impact of the tariffs imposed by US President Donald Trump earlier this year is now clearly visible. While the purpose of these tariffs was said to be to promote American industries, according to the new report the burden has fallen on American companies and consumers themselves. According to a research report released on Thursday by JPMorgan Chase Institute, tariff payments by American businesses have increased by almost three times compared to last year.
Big impact of tariffs on America
Citing this study, news agency Associated Press (AP) said that tariff policies have had a deep impact on the economy. Impact on business in America: According to the report, about 4.8 crore people in America are employed in private companies. A large number of these are businesses that are struggling with rising costs and are repeatedly referring to tariff policies.
Companies had to increase prices, new recruitments were cut, pressure on profits increased. According to Shea Mac, Business Research Director of the Institute, there has been a major change in the business cost structure. Especially there has been a decline in transactions with China and many companies may now turn to other Asian countries.
Decreased dependence on China
Data indicate that dependence on Chinese products is decreasing. Compared to October 2024, there has been a decline of about 20% in the payments made to China by the concerned companies. However, it is not clear whether the supply chain has actually shifted to other countries or the goods are being re-routed from China to America. White House response: The White House has expressed disagreement with these findings.
White House Press Secretary Kush Desai described the report as irrational and said that it does not change the fact that President Trump’s policies are in the national interest. The report indicates that the impact of tariffs is not limited to international trade only, but has a direct impact on the costs, employment and profits of American companies. Although the administration is justifying this as a policy, the figures show that a major change is underway in the business scenario.
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