Small Business Owners Rush to Shield Their Companies from Trump’s Proposed Tariffs

Economists generally oppose tariffs, as they tend to increase prices for consumers, which can be particularly challenging for small businesses. Small business owners who have already faced challenges due to previous tariffs imposed by Trump are concerned about the impact of potential new tariffs. Despite Trump’s claims that tariffs create jobs and spur investment without causing inflation, analysts disagree. Wall Street is skeptical of Trump’s trade promises, and S&P Global Ratings warned that his policies could lead to higher inflation and lower growth. Small business owners like Brewer Chris Smith and stationery company founder Angie Chua are already making plans to mitigate potential cost increases, with Chua considering adding a tariff surcharge to her products. Others, like wine shop co-owner Hadley Douglas, are worried about the impact on domestic industries, as tariffs could drive small distributors out of business and lead to higher prices for consumers. The uncertainty surrounding potential tariffs has many small business owners on edge, with some unable to stockpile inventory or accelerate purchases as larger brands plan to do. Ultimately, small business owners are bracing for the impact of new tariffs and are concerned about the potential consequences for their businesses.

Photo credit
www.nbcnews.com