A critical group of U.S. businesses would face a direct cost of $82.3 billion from Donald Trump’s current tariff plans, according to an analysis by the JPMorganChase Institute.

AP News reported July 2 that the analysis is among the first to measure the direct costs created by the import taxes on employers with $10 million to $1 billion in annual revenue, a category that includes roughly a third of private-sector U.S. workers. These companies are more dependent than other businesses on imports from China, India and Thailand — and the retail and wholesale sectors would be especially vulnerable to the import taxes being levied by the Republican president.

The analysis comes just ahead of the July 9 deadline by Trump to formally set the tariff rates on goods from dozens of countries. 

Read More: IMF Sees Unwinding of Global Trade Surge Ahead of Trump Tariffs

While the analysis finds that the costs could be potentially managed through price hikes, layoffs, hiring freezes or lower profit margins, it contradicts Trump’s claims that foreign manufacturers would absorb the costs of the tariffs. While the tariffs launched under Trump have yet to boost overall inflation, large companies such as Amazon, Costco, Walmart and Williams-Sonoma delayed the potential reckoning by building up their inventories before the taxes could be imposed.

AP went on to report that there is a growing body of evidence suggesting that more inflation could surface. Investment bank Goldman Sachs said in a report that it expects companies to pass along 60% of their tariff costs onto consumers. A survey by the Atlanta Federal Reserve regarding businesses’ inflation expectations found that companies could on average pass along roughly half their costs from a 10% tariff or a 25% tariff without reducing consumer demand.