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Trump's Tariffs: Four Things Small Businesses Can Do Now To Survive

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Tariffs help spur U.S. manufacturing by discouraging U.S. companies from importing goods made in countries with low production costs by making them more expensive.
The article by Rohit Arora for Forbes, published on February 7, 2025, discusses the potential impact of former President Donald Trump's proposed tariffs on small businesses. It outlines four strategic actions small businesses can take to mitigate the effects of these tariffs. Firstly, businesses are advised to diversify their supply chains to reduce dependency on countries likely to be affected by tariffs, such as China. Secondly, Arora suggests that small businesses should consider price adjustments or cost absorption strategies to maintain competitiveness. Thirdly, exploring alternative markets or increasing domestic sourcing could help in navigating around tariff-induced price hikes. Lastly, the article recommends enhancing operational efficiency through technology and automation to offset increased costs. The piece emphasizes proactive planning and adaptation to ensure survival and potential growth amidst the economic changes brought by the tariffs.

Read the Full Forbes Article at:
[ https://www.forbes.com/sites/rohitarora/2025/02/07/trumps-tariffs-four-things-small-businesses-can-do-now-to-survive/ ]