Unless We Rebuild Manufacturing, Trump’s Tariffs Are Bad News for Small Business | Opinion [Video]

A key pillar of Donald Trump‘s economic agenda is widespread tariffs on imports, specifically from China. We’ve heard from expert economists about how tariffs will affect our GDP, and from CEOs about the implications for their international operations. But what about the little guy—how will aggressive and broad tariffs affect your favorite mom-and-pop shop? Or your local mechanic?

In the immediate future, roughing the seas with the likes of 20 percent tariffs on all imported goods, and 60 to 100 percent tariffs on Chinese imports, will surely cause some small businesses to sink. Unfortunately, no industry will be protected from the consequences. For example, over 50 percent of food oils and fruits in the U.S. food supply are imported. When it comes to manufacturing parts and finished goods, we are the largest importer in the world. This means that your local restaurants and bodegas could immediately experience anywhere from a 20 to a 100 percent …