US President Donald Trump has unveiled tariffs on virtually all US trading partners, sparking mixed reactions from small business owners across the country. The 10% minimum baseline tariff rate will go into effect on April 5, while more targeted punitive levies will be imposed on certain countries.
Farmers and agriculture-based businesses are among those most affected by the tariffs, with increased costs for animal feed and other essential supplies expected to hit the sector hard. Wendy Brugh, owner of Dry Ridge Farm in North Carolina, described President Trump’s announcement as “pouring salt in a wound that is just now beginning to heal”.
On the other hand, some entrepreneurs are optimistic about the tariffs, citing potential benefits for domestic manufacturing and job creation. Duane Paddock, owner of a Chevrolet dealership in New York, reported seeing the best sales in 13 years, while Rocky Magwood, a shrimp catcher from South Carolina, expects increased demand for American-made products.
However, not all business owners are convinced that the tariffs will have a positive impact. Simon Bryant, restaurant owner in San Francisco, expressed concerns about rising food costs, while Leah Ashburn, president of Highland Brewing in North Carolina, highlighted the challenges of transitioning to domestic aluminum production due to the limited availability of raw materials and expertise.
The US Bureau of Labor Statistics reported 336,900 furniture manufacturing jobs lost in February, highlighting the potential impact on industries reliant on imports. Despite these concerns, many business owners remain hopeful that the tariffs will help reduce costs and create opportunities for American-made products.
Source: https://abcnews.go.com/US/small-businesses-reacting-trumps-tariffs-announcement/story?id=120463296