Small businesses are bracing for stiff tariffs that President-elect Donald Trump has proposed as one of his first actions when he takes office.
Trump has proposed importers pay a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders. He previously floated a tariff of up to 20% on everything else the United States imports.
This means small businesses may end up paying more for goods and services. Small business owners say they’re waiting to see what final form the tariffs take, but are bracing for higher costs that they may in turn need to pass on to consumers.
Laurel Orley, cofounder and CEO of Nashville-based sprouted nut snack company Daily Crunch, said at first she didn’t think the tariffs would affect her business, because she doesn’t import very much. But she realized the tariffs will have a ripple effect. For example, she had planned …