US Customs Duty Payments Remain Historically Elevated Despite Recent Easing

According to a recent report from the JPMorganChase Institute, customs duty payments made by US companies have eased somewhat in 2026 but remain historically elevated. The report uses proprietary bank transaction data to track corporate customs duty payments and found that the index climbed to a peak of 314 in October 2025 before falling to 201 in May 2026.

The analysis also determined that tariffs have risen for every industry since April 2, 2025, with apparel manufacturing carrying the heaviest tariff burden at roughly 3.3% from April 2023 through March 2024, rising to 5.2% from April 2025 through March 2026.

The report added that midsize companies, which have limited purchasing power and tighter profit margins, tend to be more exposed to trade policy changes. These firms are often underrepresented in policy discussions despite making up a significant portion of the public sector.