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.
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.
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.
Declining consumer confidence. Tariff uncertainty is causing consumer confidence to decline, meaning shoppers may cut back on spending at local retail establishments.
Inability to source domestically. Many small retailers strive to source from American manufacturers, but not all products are available domestically.
Possible closures. Small businesses often lack the margins to absorb increased costs from tariffs, which could lead to store closures.
Are you a small retailer eager to share your tariff impact story? Sign up to be a media spokesperson.
U.S. job creators — including retailers, restaurants, manufacturers and other Main Street businesses — bear the burden of tariffs. Small retailers share how these added costs are affecting them and their customers.
NRF’s video series, Tariffs Hurt Small Businesses, highlights the impact of tariff-focused trade policies on small retailers. This series amplifies their voices through the stories and insights of four small business owners from across the United States:
Dewar Gaines, Gaines Family Farms – Huntsville, AL
Ben Knepler, True Places – Wallingford, PA
Ross Harrow, The Flour Shop – Culver City, CA
Jared Hendricks, Village Lighting Company – West Valley, UT
Do you have a story on how tariffs are impacting your small business? Record a Tariff Impact Story.
June 11, 2025
