Donald Trump's tariffs are sharply escalating costs for midsize US companies, sparking fresh concern about the president's flagship policies as he embarks on a campaign to revive Americans' dim view of his economy. A new report from the JPMorgan Chase Institute showed tariff payments by mid-market US businesses tripled over the past year, the latest sign of domestic fallout from Trump's bid to reshape the global trading order. The study showed midsized companies " which lack the heft of their larger counterparts to dictate terms and shift supply chains " continued to buy foreign goods in 2025 even as duty payments surged to as much as 316 per cent of their pre-election level.