Tariffs Threaten the American Dream

Record-high tariffs threaten the American Dream.

Small businesses, which make up 98% of retailers and support more than 13 million American jobs, are particularly vulnerable. Owning a small business embodies the ideals of freedom and opportunity that are central to the American Dream. However, tariffs jeopardize the very foundation of these ideals.

How tariffs impact small businesses

1. Tariffs are taxes on U.S. importers, not foreign nations. U.S. job creators — including retailers, restaurants, manufacturers and other Main Street businesses — bear the burden of tariffs.

2. Higher prices for consumers. Small businesses cannot absorb these increased costs and are often forced to pass tariff increases on to their customers, resulting in higher prices.

3. Declining consumer confidence. Tariff uncertainty is causing consumer confidence to decline, meaning shoppers may cut back on spending at local retail establishments.

4. Inability to source domestically. Many small retailers strive to source from American manufacturers, but not all products are available domestically.

5. Possible closures. Small businesses often lack the margins to absorb increased costs from tariffs, which could lead to store closures.