Feeling the Hurt: Small Biz Owners Brace for Trump's Tariff Blow
Urgent Tariff Relief Requested by Small Businesses, According to Chamber of Commerce
Famous biz guru, Steve Forbes, weighs in on President Trump's new tariff plans and their potential impact on small businesses in an interview on 'The Bottom Line.'
There's a storm brewing for small businesses as the U.S. Chamber of Commerce pleads for an exemption from Trump's tariff measures, fearing they could cripple these businesses' ability to survive.
In a blunt letter to Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, and Trade Representative Robert Lighthizer, the Chamber voiced concern about small businesses' financial stamina to endure tariffs on imported goods.
The Chamber expressed its concerns to the Trump administration on Thursday, urging immediate aid for America's small businesses and warning of a potential recession.
According to the Chamber, these businesses face an uphill battle dealing with increased tariff rates without immediate relief. "We fear many small businesses will suffer irreparable harm if action isn't taken swiftly," the letter stated.
*SMALL BIZ SPEAK OUT: 'BREAKING POINT'*
Small enterprises may struggle to pay hefty tariffs on needed goods as they strive to stay afloat financially, the Chamber warned[2].
Led by President Suzanne Clark, the Chamber requested the Trump administration to implement three measures concerning tariffs to save struggling small businesses and prevent a looming economic downturn.
One plea is for automatic exclusions for small-business importers, arguing that these businesses lack the financial stability to withstand increased tariff burdens.
Secondly, the Chamber asked for automatic exclusions for products lacking domestic availability to protect businesses and consumers from mounting costs. Goods such as coffee, bananas, cocoa, and specific minerals are currently affected by tariffs[2]. Moreover, the request extends to various industrial inputs vital for American manufacturers.
The final tariff relief initiative aims to establish a process for businesses to secure exemptions when tariffs pose significant employment risks. The Chamber emphasized that 40 million American jobs intertwine with trade and keeping these jobs intact is essential for economic growth.
"We support the President's policy ambitions, including eliminating unfair trade barriers and boosting American investment," Clark stated[2]. "However, we hear from small businesses daily, many on the brink of extinction due to increased costs and supply chain interruptions."
*CLOSED SHOP CITES TARIFFS AND TRUMP'S 'CHOICE'*
The Chamber's letter to the administration believes immediate relief is essential, as negotiations for new trade agreements can be lengthy, and many businesses may not last that long.
In response, White House Deputy Chief of Staff for Policy Stephen Miller stated that relief for small businesses will materialize through the anticipated tax cut package, which would include full expensing for investments within the U.S. and a tax system favorable to small businesses.
When asked about the Chamber's letter, Miller confirmed that tax relief would be prioritized for small businesses, but he did not provide details regarding short-term tariff exemptions.
- The U.S. Chamber of Commerce has pleaded for an exemption from Trump's tariff measures, fearing they could cripple small businesses' ability to survive.
- Small businesses face an uphill battle dealing with increased tariff rates without immediate relief, according to the Chamber.
- Led by President Suzanne Clark, the Chamber requested the Trump administration to implement tariff relief initiatives to save struggling small businesses and prevent a looming economic downturn.
- One such plea is for automatic exclusions for small-business importers, arguing that these businesses lack the financial stability to withstand increased tariff burdens.
- The Chamber also asked for automatic exclusions for products lacking domestic availability to protect businesses and consumers from mounting costs, which currently include goods like coffee, bananas, cocoa, and specific minerals.
- The final tariff relief initiative aims to establish a process for businesses to secure exemptions when tariffs pose significant employment risks, as 40 million American jobs intertwine with trade.
