Kimberly Adams

Yeah.

$80,000 for a small business.

And she expects it to be something closer to $120,000 in the coming year.

And she's already raised prices once.

She says she's going to have to raise prices again.

And she's like, we were already at the higher price.

pricing end of the market.

But this is rough for these businesses.

That's a restriction on your growth of your company.

Okay.

One of the many, many rationales that the administration had for tariffs in the first place was the idea of shrinking that trade deficit, which is apparently now a balance of payments thing, but whatever.

We've got new data from the Bureau of Economic Analysis showing that despite everything,

the trade deficit hasn't actually shrunk that much.

Why hasn't, why haven't the tariffs worked and what now?

I was talking to folks over at the JPMorgan Chase Institute and they have access to like this whole other set of data from their private clients.

And so they can really see how money is moving.

And they put out a report on what mid-sized businesses have been doing and found that mid-sized businesses, I guess they had it like employees, like 50 to 499 employees revenues, like under a billion dollars, something like that.

But that their tariff payments have gone up three times, but their international payments have remained about the same.

So they're paying the same amount to their foreign suppliers.

They're just paying more in tariffs.