The Struggle is Real: Small Businesses Plead for Tariff Relief

No matter where you turn, it seems as though the conversation is still centered around tariffs. In the latest news, small business owners across the U.S. are raising urgent concerns about the steep new tariffs on foreign goods, warning that these higher import taxes could threaten their very survival. As of this year, tariffs on Chinese imports have soared to as much as 145 percent, while goods from most other countries are now facing a 10 percent tariff.

Senator Ed Markey (D-Mass.), ranking member of the U.S. Senate Committee on Small Business and Entrepreneurship, has called on the Small Business Administration (SBA) to provide relief. In a letter sent last Friday, Markey criticized the tariffs as “recklessly imposed” and urged the White House to extend exemptions to small businesses, similar to those already granted to corporate giants like Apple and Google. In early April, the U.S. placed exemptions on smartphones, computers, and other high-tech items. This obviously benefits huge tech companies, but what of the small businesses that aren’t afforded that protection?

According to Markey’s letter, “Small businesses are the lifeblood of the American economy, but because they operate on razor-thin margins, they are uniquely vulnerable to rising costs caused by the Trump Tariffs. These businesses simply do not have the financial cushion to absorb price shocks or the resources to navigate sudden changes to an already complex supply channel.”

While the Trump administration and companies like Johnson & Johnson say that the tariffs will protect domestic manufacturing, spur economic growth, and generate billions in federal revenue, many small businesses are already experiencing the downside—with some already close to bankruptcy. Hedge fund manager Bill Ackman wrote on X, “If the president doesn’t pause the effect of the tariffs soon, many small businesses will go bankrupt. Medium-sized businesses will be next.”

Former SBA Administrator Isabel Guzman explained to CBS News that SMBs don’t usually have cash-on-hand or flexibility with supply chains like bigger companies: “Clearly their impact is going to be stronger, the short-term pain is going to be much harder felt on all of them,” she notes.

For small business owners, the uncertainty around tariffs adds another layer of complexity to an already challenging economic landscape. While larger companies have the resources to adapt, pivot suppliers, or absorb higher costs, smaller enterprises often don’t have those luxuries.

What Can Small Business Owners Do Now?

If your business relies on imported goods, now is the time to review your supply chain strategy. Consider sourcing domestically when possible or negotiating with current suppliers to share the burden of increased costs. It’s also a good idea to stay connected with small business advocacy groups, which are actively lobbying for tariff exemptions. And above all, remain flexible. In times of economic uncertainty, businesses that adapt quickly are often the ones that survive—and thrive.

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