NEW YORK, November 17. /TASS/. The US President Donald Trump administration's incredibly complex system of import tariffs is driving up costs for American companies and creating numerous problems for their management, Politico reported, citing sources.

"Businesses from Wall Street to main street are struggling to comply with President Donald Trump’s byzantine tariff regime, driving up costs and counteracting, for some, the benefits of the corporate tax cuts Republicans passed earlier this year," according to the publication. "Trump has ripped up the US tariff code over the past year, replacing a decades-old system that imposed the same tariffs on imports from all but a few countries with a vastly more complicated system of many different tariff rates depending on the origin of imported goods," the newspaper wrote.

This has been "an exhausting year for most CEOs in the country," said Gary Shapiro, CEO and vice chair of the Consumer Technology Association (CTA), an industry group whose 1,300 member companies include major brands like Amazon, Walmart and AMD, as well as many small businesses and startups. "The level of executive time that’s been put in this has been enormous," he said, adding that "every CEO survey says this is their biggest issue."

The proliferation of trade regulations and threat of intensified enforcement has driven many companies to beef up their staff and spend what could add up to tens of millions of dollars to ensure they are not running afoul of Trump’s requirements. The time and expense involved, combined with the tens of billions of dollars in higher tariffs that companies are paying each month to import goods, amount to "a massive burden that is weighing down industries traditionally reliant on imported products," the paper said.

A recent survey by KPMG, a professional services firm, found 89% of CEOs said they expect tariffs to significantly impact their business’ performance and operations over the next three years, with 86% saying they expect to respond by increasing prices for their goods and services as needed.

Small business owners say they feel particularly overwhelmed trying to keep up with all the various tariff rules and rates, according to Politico. "We are no longer investing into product innovation, we’re not investing into new hires, we’re not investing into growth. We’re just spending our money trying to stay afloat through this," said Cassie Abel, founder and CEO of Wild Rye, an Idaho company which sells outdoor clothing for women.