As tariff debates escalate ahead of the 2024 election, small and local business owners across the country are voicing growing concerns about the economic toll of rising trade barriers. In interviews and public statements, business leaders warn that the continuation — and possible expansion — of tariffs under former President Donald Trump’s proposed policies could be devastating to their operations, potentially forcing layoffs, price hikes, or even closures.
Speaking on ABC’s “This Week,” a small business owner described how current tariffs have already strained his company’s supply chain and drastically increased operational costs. He warned that if Trump’s suggested tariff hikes are implemented, “it would pretty much put us out of business.” The owner pointed out that higher import costs on raw materials and components make it increasingly difficult to compete with larger corporations that can absorb price fluctuations or offshore production.
According to reports from outlets like News-Press Now, many local businesses in sectors such as manufacturing, construction, and retail are experiencing similar challenges. They say that the tariffs — originally imposed to pressure foreign governments like China into fairer trade practices — are ultimately hitting American consumers and small businesses the hardest. Higher input costs are forcing businesses to either pass costs along to customers or absorb the losses themselves, reducing profitability and growth potential.
Trump’s trade strategy during his first term emphasized aggressive tariffs to counter what he described as unfair trade practices by China, Europe, and other nations. Critics, including many in the small business community, argue that the real-world impact was widespread price increases and economic uncertainty, especially for industries reliant on imported goods and materials. Despite these criticisms, Trump and his supporters maintain that tariffs are a necessary tool to protect American industries and reduce the trade deficit.
The latest proposals floated by Trump suggest a universal baseline tariff on all imported goods if he wins another term. Small business owners are alarmed by this prospect, noting that while large corporations may have the resources to navigate global supply chain shifts or absorb higher costs, smaller enterprises often operate on tighter margins and have less flexibility to adapt.
Back history shows that during Trump’s first term, tariffs on steel, aluminum, and a wide range of Chinese imports led to retaliatory tariffs that hurt American farmers and manufacturers. Although some short-term concessions were gained, like revisions to trade deals with Mexico and Canada, many economists argue that the overall impact on U.S. GDP growth was negative and disproportionately hurt small businesses.
As the 2024 election draws nearer, the future of tariff policy is emerging as a key economic issue. Democrats and some moderate Republicans argue for more targeted trade enforcement measures that do not broadly penalize U.S. businesses and consumers. Meanwhile, Trump and his allies continue to champion tariffs as essential for rebuilding domestic manufacturing and achieving economic independence.
For local businesses caught in the middle, the stakes are high. Many owners emphasize that stability and predictable trade policies are crucial for long-term planning and investment. With global supply chains still recovering from the disruptions caused by the COVID-19 pandemic, new tariff shocks could add another layer of volatility that small businesses are ill-equipped to endure.
The voices of America’s small business community are growing louder as they seek to influence the national conversation on trade policy. Whether policymakers will adjust their approach remains to be seen, but for many local entrepreneurs, the outcome could mean the difference between survival and shuttering their doors.
