America First” Trade Policy hits hard on small businesses

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The “America First” trade agenda of President Donald Trump has had an unexpected impact on small businesses in the US. Despite being the backbone of the economy, many small business owners are struggling to cope with the effects of tariffs imposed on imported goods from countries like China.

For further information, read more details here

For Katharine Burke, owner of Purryfuls, a self-care product company, the tariffs have come as a shock. After two years of hard work, her products were finally ready for production, but the new tariffs have increased costs and uncertainty. “I tried for American manufacturing because I thought it would be easier on me to work with somebody local, but it didn’t exist — it hasn’t for decades,” Burke said. She ultimately turned to a China-based manufacturer to help design, test, and manufacture her products.

Melanie Abrantes, owner of a handcrafted product design company, is also feeling the pinch. With tariffs causing price hikes for raw materials from countries like Japan and Portugal, Abrantes is struggling to maintain her business. Meanwhile, Beth Fynbo Benike, owner of Busy Baby, is facing a significant increase in costs for her imported goods. “I’m fully leveraged against this, and the first thought that came to my head is, ‘I’m going to lose my house. My boys are not going to have a place to live,’” Benike said, highlighting the severity of the situation

The erratic nature of Trump’s trade policies and the severity of newly imposed tariffs have wreaked havoc on small businesses, causing costs to skyrocket, disrupting supply chains, and stifling growth and expansion plans. Many small business owners are now questioning the impact of these policies on their livelihoods and the future of their businesses.

As Burke pointed out, “That’s where the industry is; it doesn’t change overnight, no matter how much you want it to.” The reality is that many industries have invested heavily in countries like China, and shifting production to the US is not a simple or quick process. 

The consequences of these trade policies are being felt by small businesses across the country, and it remains to be seen how they will adapt to the changing landscape.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post