Inflation and Tariffs Threaten Small Businesses, Voters Worry
Inflation's impact is starting to be felt, with only 22% of tariff costs currently passed on to consumers. This has raised concerns among voters, with 56% now believing that the 2025 tariffs will negatively affect small businesses, up from 52% in March. Small businesses, which support more than one in four U.S. jobs and contribute $5.3 trillion to annual GDP, are particularly vulnerable due to rising costs and the burden of tariffs.
Small businesses, notably retailers which make up 98% of the sector and support over 13 million jobs, are feeling the pinch. With just 22% of tariff costs passed on to consumers so far, retailers and consumers are bearing the brunt, facing higher prices and reduced inventory. This is concerning for voters, with 9 out of 10 recognizing the vital role small businesses play in their local economy.
The situation is exacerbated by other rising costs, such as credit card swipe fees and labor costs. Two-thirds of voters fear that local small businesses may have to close due to tariffs. As Americans become more aware of the impact of tariffs, they are increasingly seeing them as harmful to small businesses and local communities.
With inflation's bite deepening and tariffs adding to the burden, small businesses face a challenging landscape. Voters are increasingly concerned about the impact on their local economies and communities. As the 2025 tariffs approach, it's crucial for policymakers to consider the vulnerability of small businesses and their significant contribution to the U.S. economy.
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