US small businesses losing $202B annually due to Trump's tariffs
Small businesses across the US are feeling the pinch from President Trump's new tariffs, which now add 10% to 50% extra on imported goods.
These changes have made importing pricier and more complicated, with customs rules getting tougher too.
According to the US Chamber of Commerce, these tariffs are costing around 236,000 small-business importers a whopping $202 billion each year.
Consumers will pay the price too
While big companies can usually handle these shifts, smaller businesses are struggling to keep up.
Erin Williamson from Geodis shared that many simply don't have the resources to adapt quickly.
The National Retail Federation even warned that some could go under if things don't change.
And here's a heads-up: Goldman Sachs says consumers will soon end up covering about two-thirds of these new costs at checkout.