The recent announcement of a 90-day tariff pause has brought temporary relief to some American businesses, but the long-term impact remains uncertain. President Trump’s tariffs on Chinese imports have raised prices by as much as 145% when including earlier levies, while tariffs on Canada and Mexico remain at 25%.
Business owners are expressing concerns about the ongoing economic turbulence, citing uncertainty and increased costs due to the tariff regime. Many have canceled purchase orders, halted expansion plans, and delayed hiring.
Steve Shriver, CEO of Eco Lips, a company that imports ingredients from over 50 countries, forecasts a $5 million increase in its cost of goods. “We’re constantly dealing with the uncertainty of the future and our supply chains,” he said.
Other business owners, such as Paul Kusler of Into the Wind kite shop, have seen price increases ranging from 7% to 10%. Emily Ley, owner of Simplified office planners, expects her company’s costs to nearly match a $1 million in trade taxes paid since Trump announced tariffs on Chinese goods in 2017.
The uncertainty has led some companies, such as Aisha Ahmad-Post’s Newman Center for the Performing Arts, to seek alternative suppliers. However, even with the 90-day tariff pause, business owners remain concerned about the long-term impact of Trump’s trade policies on their bottom line.
Source: https://www.investing.com/news/stock-market-news/that-seat-will-cost-how-much-us-businesses-already-seeing-impact-of-trump-tariffs-3982406