Business and Finance
Source : (remove) : Benzinga
RSS • JSON • XML • CSV
Business and Finance
Source : (remove) : Benzinga
RSS • JSON • XML • CSV

'Major Economic Disaster' Amid Trump Tariffs: American Small Business Owners Face Closures, Price Hikes, And Losses

Some business owners said they are planning to pass on the impact of tariffs to customers with higher prices. One Redditor said he is making a plan to roll out new prices for his customers that would reflect the impact of tariffs. He also believes the US lacks the necessary infrastructure and labor to develop the products he imports.
The article from Benzinga discusses the severe impact of former President Donald Trump's tariffs on American small businesses, as reported by the U.S. International Trade Commission (USITC). The tariffs, which were intended to protect domestic industries, have instead led to increased costs for small businesses, resulting in price hikes, reduced profit margins, and potential closures. The USITC's findings indicate that these tariffs have not only failed to achieve their intended goals but have also contributed to a broader economic disaster, affecting sectors such as manufacturing, agriculture, and retail. Small business owners are struggling to absorb the additional costs, with many forced to pass them on to consumers or face significant financial losses. The article highlights the urgent need for policy adjustments to mitigate the adverse effects on small businesses and the overall economy.

Read the Full Benzinga Article at:
[ https://www.benzinga.com/personal-finance/25/05/45229642/major-economic-disaster-amid-trump-tariffs-american-small-business-owners-face-closures-price-hikes-and-losses ]