Ranking Member Markey Releases Report Detailing Trump Tariff Damage to American Small Businesses
Summary
Press release dated April 18, 2025, in which Ranking Member Edward J. Markey (D-Mass.) announces a report titled "The Trump Tariffs: A Small Business Crisis" on the impacts of tariff policies on small businesses. The release lists key findings, including a survey by Small Business for America's Future finding that 72% of small businesses say erratic tariff policies create a "whiplash effect", and survey data showing that 78% of small businesses expect higher costs. It states that 97% of U.S. importers and exporters are small businesses. It also says that last week Ranking Member Markey, Democratic Leader Chuck Schumer (D-N.Y.) and Democrats on the Small Business and Entrepreneurship Committee wrote to U.S. Small Business Administrator Kelly Loeffler.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“Ranking Member Markey Releases Report Detailing Trump Tariff Damage to American Small Businesses.”
Original at www.sbc.senate.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/committee-2dbe8a795d588b11/
, SHA-256 607e34b26926f53daebb0533383d234b0fa2f59ef484dfba6818dbb1e50864c3.Full text
Title: Ranking Member Markey Releases Report Detailing Trump Tariff Damage to American Small Businesses Date: 2025-04-18 Ranking Member Markey Releases Report Detailing Trump Tariff Damage to American Small Businesses April 18, 2025 Markey to Congress: “Intervene immediately and reverse the Trump Tariffs, or risk the death of thousands of small businesses.” REPORT: The Trump Tariffs: A Small Business Crisis (Washington, April 18) - Ranking Member Edward J. Markey (D-Mass.) today released a report titled “The Trump Tariffs: A Small Business Crisis,” which details the impacts of Trump’s tariff policies on small businesses across the country. With the announcement of the most sweeping tariff hike the United States has seen since the enactment of the Smoot-Hawley Tariff Act of 1930, Trump has launched a global trade war against almost every country and a domestic trade war against America’s Main Streets. The evidence is overwhelming that the Trump Tariffs are a disaster for small businesses. Congress must intervene immediately and reverse the Trump Tariffs, or risk the death of thousands of small businesses. Key findings include: Rising supply costs are squeezing small businesses, forcing them to spend more for less, and cutting into already narrow profit margins. Owners must choose between raising prices — risking customer loss — or absorbing the costs, which weakens their financial resilience. A survey by Small Business for America’s Future found that 72% of small businesses say erratic tariff policies create a “whiplash effect,” disrupting planning and long-term decisions. Given forecasts of a U.S. recession following the announcement of the Trump Tariffs, consumers faced with higher prices and tighter budgets will likely spend less overall and prioritize spending at lower-cost retailers — typically large businesses. The Trump Tariffs have driven up the cost of imported goods and raw materials on which small businesses depend. These rising costs slow production, reduce competitiveness, and leave business owners scrambling. 97% of U.S. importers and exporters are small businesses, and, in 2023, these firms accounted for nearly a third of U.S. imports and exports. The Yale Budget Lab forecasts a drop of more than 16% in overall exports over the next ten years. Survey data shows: 78% of small businesses expect higher costs, 58% anticipate supply delays, and 49% struggle to find new suppliers. Small businesses often have no choice but to pass rising supply costs onto customers. A survey by Small Business for America’s Future found that 71% plan to raise prices to offset the Trump Tariffs. The Senate Small Business and Entrepreneurship Committee has a responsibility to fight back against policies that decimate Main Street and raise the concerns of the 34 million small businesses that employ nearly half of all workers in America. We need a new deal that puts small businesses and hardworking Americans first — not billionaires. Last week, Ranking Member Markey, along with Democratic Leader Chuck Schumer (D-N.Y.), and all Democrats on the Small Business and Entrepreneurship Committee wrote to U.S. Small Business Administrator Kelly Loeffler, urging her to take immediate action to address the impacts of Trump’s reckless tariff policies on small businesses. At the April 8 joint House Committee on Small Business and Senate Committee on Small Business and Entrepreneurship hearing, Ranking Member Markey highlighted the catastrophic impacts Trump’s tariffs would have on small businesses and communities in Massachusetts and across the country, calling for an end to the trade war. ### Permalink: https://www.sbc.senate.gov/public/index.cfm/2025/4/ranking-member-markey-releases-report-detailing-trump-tariff-damage-to-american-small-businesses
File and source
- File
- 2025-04-18_ranking-member-markey-releases-report-detailing-trump-tariff-damage.txt
- Size
- 3,971 bytes
- SHA-256
- 607e34b26926f53daebb0533383d234b0fa2f59ef484dfba6818dbb1e50864c3
- Original
- www.sbc.senate.gov