A study by the JPMorganChase Institute estimates that President Donald Trump’s current tariff schedule would impose about $82.3 billion in direct costs on U.S. companies with annual revenue of between $10 million and $1 billion—a cohort that employs roughly one-third of the private-sector workforce. The bill works out to an average of $2,080 per worker, or 3.1 percent of payroll, and is expected to be absorbed through price increases, layoffs, hiring freezes or slimmer profit margins. The research is among the first to quantify the burden on mid-sized firms, which are more reliant on imports from China, India and Thailand than larger multinationals. Retailers and wholesalers are seen as particularly vulnerable. Under the more aggressive tariff package unveiled on April 2—and later paused for negotiations—the same firms would have faced $187.6 billion in added costs, the institute said. Trump has given trading partners until July 9 to reach agreements before most imports face a 10 percent levy, with steel and aluminum already subject to 50 percent duties. The United Kingdom has signed a framework, and the administration says deals with Vietnam and India are close. Separately, shipping giant Maersk estimates that effective U.S. import tariffs now average 21 percent per container load, less than half the level before April’s pause, underscoring the financial stakes as talks enter their final week.