ECONOMY

Midsize firms' tariff payments tripled last year, analyses show

PUBLISHED Feb 18, 2026, 5:35 PM ET

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Sources: 6

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Sources: 6

WASHINGTON Federal Reserve economists and a JPMorganChase Institute analysis found tariffs imposed last year increased costs for U.S. firms and consumers. On Feb. 19, JPMorganChase reported midsized firms' tariff payments tripled, affecting companies that employ about 48 million people. A New York Fed paper similarly found American companies and consumers bore most tariff costs, prompting White House adviser Kevin Hassett this week to call for discipline of Fed economists. Economists at Harvard, the University of Chicago and the Kiel Institut issued corroborating studies. Researchers used firm-level payment records and national macroeconomic analysis. Based on 6 articles reviewed and supporting research.

By Adyan K. | JQJO News

Timeline of Events

Administration imposed new import tariffs during the prior year.
New York Fed released analysis finding domestic incidence of tariffs.
Academic teams from Harvard and University of Chicago issued related studies; Kiel Institut produced corroborating research.
Feb. 19: JPMorganChase Institute reported midsized firms’ tariff payments tripled last year.
This week: White House adviser Kevin Hassett publicly criticized Fed economists over tariff-incidence research.

News Intelligence

Tariffs impact your wallet. When companies pay more for imports, they often pass costs to consumers. This can mean higher prices for goods you buy regularly. Check if items you frequently purchase are imported and consider alternatives.

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