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JPMorgan analysis finds Trump’s tariffs are working on China-at a huge cost to American small business

Outflows from midsize U.S. firms to China have dropped by approximately 20% since 2024, but there’s a price.

The report, titled “Tracking international payments: How are midsize firms reacting to tariffs?” paints a picture of a business sector that is bending but not breaking under historic pressure. According to JPMorgan banking data on financial outflows … [3303 chars]

Source: Fortune | Published: 2026-02-19T17:18:26Z

Credit: Fortune

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