A new analysis finds that payments made by U.S.-based midsize businesses to firms in China dropped significantly last year as tariffs on Chinese imports rose under the Trump administration.The JPMorgan Chase Institute released a report on Thursday which found that payments made by midsize firms to China declined significantly, falling by about 20% from 2024 to 2025 even as overall international payments remained steady."This is perhaps not surprising, as China has been the hardest hit by tariffs among major U.S. trade partners – both when considering the overall effective rate, which stood at...

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