Small businesses are already feeling Trump’s tariffs
1 min read
Summary
Small, US-based companies that manufacturer goods are already feeling the pinch from Donald Trump’s tariffs on China, Canada and Mexico as the cost of production is increasing due to the higher cost of imported materials, and prices for consumers must inevitably rise.
On one hand, the President argues that the tariffs will encourage consumers to buy more US-made products, but on the other, most US companies, irrespective of size, rely on a complex and global supply chain for their products.
For instance, one company that makes leather goods in the US has already seen the cost of some of its components rise by 20%, and it expects this to continue as the tariffs begin to bite deeper.
Even companies that make their products in the US have often had to source components from China, where many specialty items are only manufactured.