Trump Defends Tariffs as Studies Show Rising U.S. Business Costs

President Donald Trump defended his unilateral tariff regime during a visit to Coosa Steel in Rome, Georgia, calling the policies "the greatest thing to happen to this country." Trump expressed frustration over the time the Supreme Court of the United States has taken to rule on the legality of his use of an economic emergency to bypass Congress and impose baseline taxes.

Concurrent research challenges the administration's claim that foreign entities pay these costs. A JPMorganChase Institute study found that tariff payments for midsize U.S. businesses nearly tripled since early 2025, forcing firms to raise consumer prices or reduce staff. While payments to China decreased by 20% since October 2024, indicating a shift in supply chains toward other Asian regions, the national trade deficit grew by $25.5 billion to $1.24 trillion last year.

Further analysis from the Federal Reserve Bank of New York reported that nearly 90% of the tariff burden fell on U.S. companies and consumers throughout 2025. White House National Economic Council Director Kevin Hassett dismissed the Federal Reserve's findings as "an embarrassment" and the "worst paper in the history of the Federal Reserve system," suggesting the researchers be disciplined. White House spokesman Kush Desai similarly dismissed the JPMorganChase analysis as pointless.