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Small businesses warn of financial strain amid rising tariffs under Trump administration

With tariffs soaring as high as 145%, small businesses face unprecedented cost pressures, risking closures and driving up prices for consumers.

Sources:
BuzzFeedTechcrunchWdsu+1
Updated 34m ago
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Cause And Effect

Economic Pressure Mounts: Voices from the Small Business Sector

For many small businesses, this is a one-two punch. They are getting higher prices from suppliers, and their customers are more skittish just as they're grappling with heavier tariffs.
an economist
BuzzFeed
OVER 90% OF HER ITEMS ARE MADE IN CHINA. ALL MY SHIPMENTS MADE IN CHINA, MADE IN CHINA.
Susan Henley
Wdsu
Annual revenue generated by the group of 38 businesses
$800 million
Techcrunch
Key Facts
  • Customer Hesitancy rises alongside increased costs, leading to fears of losing business.BuzzFeed
  • Call for Small Business Assessment suggests the need for government intervention to help alleviate the pressure on small businesses.
  • Consolidated Request for grants and incentives highlights the urgent needs of the small business community faced with higher tariffs.

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Background Context

Tariffs on Small Businesses: Economic Strain Looms Large

Price increase on water heaters and equipment
20%
BuzzFeed
Upcoming tariff rate on goods from China
145%
BuzzFeed
Annual additional costs faced by Luvera due to tariffs
$200,000
Techcrunch
Key Facts
  • Small Businesses Face Severe Financial Strain due to recent tariff increases under Trump’s administration.Techcrunch
  • Increased Costs from Suppliers are significant, with reports of price hikes up to 20% on goods sourced from overseas.BuzzFeed
  • 145% Tariff on goods from China will take effect next month, raising application of tariffs to unprecedented levels.BuzzFeed
  • Small Business Concerns extend from supply chain issues to experiencing a total of $200,000 extra costs annually due to importing materials.Techcrunch

Other Facts in these Reports

Negative Economic Forecast predicts a more severe impact on the U.S. than on China due to retaliatory tariffs.
Wdsu
Tariff Relief Paused on other nations for 90 days indicates a temporary reprieve in trade tensions.
Fox5vegas
Shipping Delays and Hold on Orders arise as businesses try to navigate the new tariff landscape.
Wdsu
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