President Trump's new tariffs causing fear of global recession, small businesses struggling, facing closures

From Yahoo Finance: 2025-05-06 12:22:00

President Trump’s new tariffs have sparked fears of a global recession, with JPMorgan raising odds to 60%. Small business owners are struggling to navigate the impact, with one facing 20% tariffs on European imports. Others are unable to operate due to high duties on core materials and unpredictable consumer behavior.

Some plan to pass on costs to customers, while others are investing in sourcing inventory from alternative countries like India. The lack of necessary infrastructure and labor in the US is a major concern for business owners impacted by tariffs.

The situation highlights the challenges faced by American small businesses amid ongoing trade tensions and tariff policies. The impact is widespread, affecting a variety of industries and prompting difficult decisions for entrepreneurs.



Read more at Yahoo Finance: American Small Business Owners Face Closures, Price Hikes, And Losses