Escalating tariffs on Chinese goods reach 145% as demand craters for small businesses amid ongoing economic uncertainty

The Headline

Challenges facing small businesses amid escalating tariffs

If I were to switch my production to the US - the price of my product would double immediately.

Rebecca Minkoff

Founder & Chief Creative Officer

We will go out of business if the 145% sticks... I can't imagine us lasting more than 6 to 9 months when all my hoarded fabric runs out...

Greg Shugar

Owner of Beau Ties

Immediate price increase for production switched to the US

Potential damages due to tariffs

$1,000,000,000

Employment cut by small businesses

3.5%

Key Facts

Demand for products has cratered in mid-March, exacerbated by economic sentiment sliding during the trade war, leading many businesses to consider drastic measures to survive.
Small businesses like those represented by Minkoff are facing a dire future, signaling potential economic hardships as they navigate through tariffs and increasing costs.

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Background Context

Tariff rate on Chinese goods

145%

Key Facts

Tariffs on Chinese goods have escalated to 145%, impacting small businesses relying on these imports, like Beau Ties of Vermont.