Small business owners brace for Trump's proposed tariffs

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Mexico,Donald Trump,International Trade

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 products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders.

FILE - Ashley Crafton looks at tennis shoes at at Shoe Stop while shopping during Small Business Saturday in Wesleyan Park Plaza on Nov. 25, 2023, in Owensboro, Ky. FILE - Ashley Crafton looks at tennis shoes at at Shoe Stop while shopping during Small Business Saturday in Wesleyan Park Plaza on Nov. 25, 2023, in Owensboro, Ky. FILE - Ashley Crafton looks at tennis shoes at at Shoe Stop while shopping during Small Business Saturday in Wesleyan Park Plaza on Nov. 25, 2023, in Owensboro, Ky.

“That was one of our big initiatives for 2025, moving all our bags to China for 15 cents a bag,” she said. “And now I don’t know if we can save any money on the bags when the tariffs go into effect.”FBI offers reward in case of missing northern Maine girl So, Orley is trying to lock in her warehouse contract for 2025 and find a third-party logistics provider for the year, “to get ahead of what’s to come and pre-planning as much as we can,” she said.

 

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