The Trump Tariffs A Small Business Crisis

Summary

A report titled The Trump Tariffs: A Small Business Crisis, examining tariffs announced April 2, 2025 and their effect on small businesses. It states that the announcement was the most sweeping tariff increase since the Smoot-Hawley Tariff Act of 1930, and that a decision on April 9, 2025 paused reciprocal tariffs other than those on China for 90 days. Citing outside sources, the report gives figures including 34 million small businesses, 2.6 million net new jobs in the latest year of data, $80 billion in tariff receipts out of $4.43 trillion collected in 2024, a forecast loss of $180 billion in annual Gross Domestic Product over 10 years, and a projected $4,900 rise in annual household costs. It reports survey findings that 78% of small businesses expect higher costs, 58% anticipate supply delays and 49% struggle to find suppliers. An Appendix A gives a timeline of tariff actions.

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

Full text

                  The Trump Tariffs: A Small Business Crisis

Introduction

On April 2, 2025, President Trump announced the most sweeping tariff hike the United States
has seen since enactment of the Smoot-Hawley Tariff Act of 1930. With his tariffs, President
Trump launched a global trade war against almost every country and a domestic trade war
against America’s Main Streets. For many, including the 34 million small businesses in the
United States, it was not “liberation day” as Trump proclaimed, it was obliteration day.

The Trump Tariffs take the United States back nearly 100 years, to the days of Smoot-Hawley,
Herbert Hoover, and the eve of the Great Depression. It has been nearly a century since the
United States imposed such extensive tariffs. And for good reason: Smoot-Hawley led to an
economic disaster and is largely credited with worsening the Great Depression.

Now, less than 100 days into his second administration, President Trump’s broad and chaotic
tariffs have triggered economic uncertainty, raised operational costs, and placed small enterprises
on the brink. Unlike large corporations, small businesses — which employ nearly half of all
American workers and generated 2.6 million new jobs in 2024 alone1 — lack the financial
cushion to absorb price shocks or the supply chain flexibility to adapt quickly.

President Trump’s decision on April 9, 2025, to pause all reciprocal tariffs (except those on
China) for 90 days provides little relief to small businesses that have experienced whiplash from
Trump’s on-again, off-again approach to this sensitive trade policy issue.2 Uncertainty continues
to loom, making it extremely difficult for small businesses to plan, invest, hire, and make other
important decisions.

Supporting small business growth and encouraging entrepreneurship is in America’s best
interest. Small business success promotes fair competition, nourishes communities, and provides
opportunities for the middle class. Tariffs can play a constructive role in trade policy when
applied judiciously. But the Trump Tariffs are reckless and overly broad, causing
disproportionate harm and posing an existential threat to the economic backbone of the country
— its small businesses.




1
  U.S. Small Business Administration, Office of Advocacy, New Advocacy Report Shows Small Business Total
Reaches 34.8 million, Accounting for 2.6 million Net New Jobs in Latest Year of Data (Nov. 19, 2024),
https://advocacy.sba.gov/2024/11/19/new-advocacy-report-shows-small-business-total-reaches-34-8-million-
accounting-for-2-6-million-net-new-jobs-in-latest-year-of-data/ [hereinafter ‘Advocacy’].
2
  Ana Swanson & Tony Romm, Trump Reverses Course on Global Tariffs, Announcing 90-Day Pause, N.Y. Times
(Apr. 9, 2025), https://www.nytimes.com/2025/04/09/us/politics/trump-tariffs-stocks-china.html.

                                                                                                           2
Tariff Policy and Its Broader Effects

A tariff is a tax on imported or exported goods. Before the 16th Amendment to the U.S.
Constitution enabled income taxation in 1913, tariffs were a primary source of federal revenue.3
Today, they account for only a small fraction of federal income — $80 billion of the $4.43
trillion collected in 2024, or about 2%.4

Tariffs can protect domestic industries, serve as trade policy tools, or respond to unfair trade
practices. But when misapplied, tariffs can do more harm than good. The Smoot-Hawley Tariff
Act of 1930 is a case in point: its widespread tariffs sparked a cascade of retaliatory tariffs from
U.S. trade partners, contributing to a dramatic downturn in international trade and worsening the
Great Depression.

The Trump Tariffs threaten to repeat that history. Designed to be “reciprocal,” these tariffs were
based on flawed math. The American Enterprise Institute found that the Administration
miscalculated the elasticity of import prices, inflating tariffs beyond any rational economic
basis.5 Broadly applied tariffs invite foreign retaliation and reduce overall economic output; the
Budget Lab forecasts a loss of $180 billion in Gross Domestic Product (GDP) annually over 10
years due to these actions.6

Tariffs also exacerbate economic inequality. Lower-income households spend a greater
percentage of their income on goods, especially imported essentials, making tariffs regressive in
nature. A projected $4,900 increase in annual household costs due to the Trump Tariffs will
disproportionately affect these families.7 The burden also falls hardest on women and
communities of color, who are statistically more likely to be economically vulnerable.8
Tariffs raise prices on everyday goods and essential supplies. When imposed without nuance or
strategy, they damage the very sectors they purport to protect — and in this case, they are hitting
small businesses the hardest.

(Note: A full timeline of Trump’s tariff actions is included in Appendix A.)



3
  U.S. Const. amend. xvi; Constitutional Amendments – Amendment 16 – “Income Taxes”, Ronald Regan
Presidential Library and Museum, https://www.reaganlibrary.gov/constitutional-amendments-amendment-16-
income-taxes (last visited Apr. 16, 2025).
4
  Christopher A. Casey, Congressional Research Service, IF11030, U.S. Tariff Policy: Overview (Jan. 31, 2015)
https://www.congress.gov/crs-product/IF11030.
5
  Kevin Corinth & Stan Veuger, President Trump’s Tariff Formula Makes No Economic Sense. It’s Also Based on
an Error, American Enterprise Institute (Apr. 4, 2025), https://www.aei.org/economics/president-trumps-tariff-
formula-makes-no-economic-sense-its-also-based-on-an-error/.
6
  State of U.S. Tariffs: April 15, 2025, The Budget Lab at Yale (Apr. 15, 2025),
https://budgetlab.yale.edu/research/state-us-tariffs-april-15-2025 [hereinafter ‘Budget Lab’].
7
  Id.
8
  Women and Poverty in America, The Women’s Legal Defense and Education Fund,
https://www.legalmomentum.org/women-and-poverty-america (last visited Apr. 9, 2025); see also, U.S. Bureau of
Labor Statistics, Report 1109, Characteristics of minimum wage workers, 2023 (May 2024),
https://www.bls.gov/opub/reports/minimum-wage/2023/.


                                                                                                                 3
The Impact of Trump Tariffs on Small Business

Small businesses operate on significantly smaller margins than large businesses, are less able to
absorb extra costs, and are more likely to pass them onto consumers. 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,
which are typically large businesses.9 This will further compound the negative impact on small
firms.

Increased Supply Costs

“Hitting companies like mine with tariffs that will make a container of my product cost $100,000
more doesn’t help small businesses. It crushes us.”
— Adam Fazackerley, COO and co-founder, Lay-n-Go, Alexandria, Virginia, and U.S. Chamber
Small Business Council member.

Small businesses operate on tight margins and are more vulnerable to supply chain disruptions
than large corporations. The Trump Tariffs have driven up the cost of imported goods and raw
materials on which small businesses depend. Unlike large firms, small businesses cannot easily
switch suppliers or absorb significant cost increases.

Suppliers, in turn, are passing on their tariff-induced cost increases to their buyers. Small firms,
often unable to negotiate discounts or scale purchases, pay more — sometimes much more —
than their larger competitors. These rising costs slow production, reduce competitiveness, and
leave business owners scrambling.

Harm to Importers and Exporters

“Many of our materials are imported. . . We are concerned that the price increase of our raw
materials and goods will be prohibitive for us to sell our products in the U.S. market.”
— Sarah Shrader, owner and co-founder, Bonsai Design, Grand Junction, Colorado

“Additional tariffs on the components and raw materials we are importing will increase our
costs and increase the likelihood of retaliatory tariffs on our exported products adding
additional headwinds against our small business.”
— Tim Frey, president and CEO, MRP Bike, Grand Junction, Colorado




9
 Megan Cerullo, Trump tariffs raise odds of U.S. recession, Wall Street economists say, CBS News (Apr. 7, 2025),
https://www.cbsnews.com/news/recession-risk-2025-goldman-sachs-jp-morgan-trump-tariffs/.


                                                                                                                   4
Ninety-seven percent 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.10 For small importers, the
increased costs of goods can be devastating. For exporters, retaliatory tariffs imposed by other
countries in response to Trump’s policies have made their products less competitive abroad. The
Yale Budget Lab forecasts a drop of more than 16% in overall exports over the next ten years.11
Survey data shows:

     •   78% of small businesses expect higher costs,
     •   58% anticipate supply delays, and
     •   49% struggle to find new suppliers.12

Decreased Profit Margins

“Small businesses run on very small margins. So a 25% increase in any product is going to
hurt.”
— Sarah Payne, owner, Denver Concrete Vibrator, Denver, to the Associated Press

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. For
small businesses operating on razor-thin margins, one unforeseen expense, such as a damaged
storefront or lost shipment, could mean the difference between survival and collapse.

The Trump Tariffs are exacerbating these pressures by driving up the cost of essential goods.
Jessica Bettencourt, owner of Klem’s general store in Spencer, Massachusetts, told NPR that
small businesses are now forced to prioritize “need-to-haves” over “nice-to-haves.”13 Founded
by her grandfather 75 years ago, Klem’s sells everything from clothing to pet food — products
now subject to higher input costs. Small business owners like Bettencourt must weigh growth
against survival, cutting back on investments that could otherwise help their businesses thrive.

Similarly, Alex Clark, who runs Fort Hamilton, a rye and gin distillery in Brooklyn, New York,
had to halt hiring plans to prepare for tariff-related price hikes. Anticipating higher costs for
bottling supplies sourced globally, Clark stockpiled four months’ worth of inventory. Though the
move bought him time, it also sidelined plans to add a new salesperson. “We think there’s plenty
of opportunities for continued growth,” he told The New York Times, “but it is going to take

10
   Advocacy, supra note 1.
11
   Budget Lab, supra note 6.
12
   Economic Whiplash: Tariff Uncertainty is Freezing Small Business Growth, Small Business For America’s Future
(2025), https://irp.cdn-
website.com/b4559992/files/uploaded/Economic_Whiplash_Stirs_Small_Business_Alarm.pdf [hereinafter
Economic Whiplash].
13
   Alina Selyukh, Between tariffs and survival, American business owners are doing alarming math, National Public
Radio (Apr. 7, 2025), https://www.npr.org/2025/04/07/nx-s1-5352833/trump-tariffs-china-manufacturing-
businesses.


                                                                                                                5
more bodies. And it’s difficult to put the body in when you don’t know what the future looks
like.”14


Price Increases for Customers

“It’s a big shock to the system. We're going to have no choice but to pass this on, a portion of it,
to our customers. It's a matter of survival.”
— Craig Freedman, CEO, Freedman Seating, Chicago, Illinois, to ABC 7 Chicago

“We do our best to minimize our price increases to the customer, but . . . if we want to stay in
business . . . we . . . have to.”
— Misty Skolnick, co-owner, Uncle Jerry’s Pretzels, Lancaster, Pennsylvania, to the
Pennsylvania Independent

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.15 But with consumer confidence at its lowest since January 2021, many owners know
their customers can’t absorb those increases.16

Raising prices risks damaging customer relationships — especially for client-based businesses
that rely on loyalty and repeat work. During an economic downturn, higher prices can drive
customers away without generating enough revenue to cover losses. With unemployment rising
and disposable income shrinking, fewer people can afford to support small businesses.

Price hikes also strain existing client relationships. Customers may delay or cancel projects,
cutting into income and compounding the burden of rising costs.

The Whiplash Effect

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.17
Although harmful policies can be managed, it’s the uncertainty that stalls decision-making.
“Uncertainty itself is harmful to business activity,” said Stanford economist Steven J. Davis.18

14
   Lydia DePillis, Small Businesses Face a “Tornado” of Challenges: Cuts, Freezes, and Now Tariffs, N.Y. Times
(Apr. 6, 2025), https://www.nytimes.com/2025/04/06/business/economy/trump-tariffs-small-business.html.
15
   Economic Whiplash, supra note 12.
16
   Matt Ott, Consumer confidence is sliding as Americans’ view of their financial futures slumps to a 12-year low,
AP (Mar. 25, 2025), https://apnews.com/article/consumer-confidence-economy-inflation-
bd6ece8784efff205e2ab922bcb86958.
17
   Economic Whiplash, supra note 12.
18
   Ben Casselman, Does Uncertainty Harm the Economy? Business Leaders Are About to Find Out, N.Y. Times
(Feb. 15, 2025),https://www.nytimes.com/2025/02/15/business/economy/business-uncertainty-economic-
policy.html.


                                                                                                                     6
Chad Coulter, CEO of Biscuit Belly, put it simply: “People in times of uncertainty just kind of
hunker down, and they hold on to their money.” Businesses can’t adapt when they don’t know
what’s coming next.19


Consumer and Business Uncertainty

Economic instability causes consumers to delay major purchases and spend more cautiously.
Nicholas Pinchuk, CEO of Snap-on, noted a shift toward short-term, low-cost purchases — a
trend large firms can adjust to, but small businesses often can’t. International customers are
pulling back too.20 Heleena Sideris of Park City Lodging reports cancellations and booking
hesitations from Latin America and Canada, blaming tariffs and broader volatility: “These shifts
are creating real pressure on our family business.”21 Businesses are likewise affected. “The
threats and uncertainty have made it hard to make business decisions,” said Traci Tapani of
Wyoming Machine.22 This unpredictability echoes the market turbulence seen before Smoot-
Hawley in 1929. As economist Kris Mitchener notes, companies need clarity to invest.23 Until
then, 51% of small business owners say they’re pausing key decisions entirely.24

Conclusion

Instead of Trump Tariffs that echo the Smoot-Hawley Tariff Act, invite a recession or worse, and
obliterate small businesses, we need a new deal for small businesses. One that puts small
businesses and hardworking Americans first, not billionaires. Small businesses are the backbone
of the American economy. But to small business owners, Trump’s Tariffs are backbreaking.

As the ranking member on the U.S. Senate Committee on Small Business and Entrepreneurship,
I view the Committee as having a responsibility to fight back against policies that decimate our
Main Streets and to raise the voices of the 34 million small businesses that employ nearly half of
all workers in America.

We must end this rollercoaster ride and provide certainty to small businesses. 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.


19
   Id.
20
   Ben Casselman, Does Uncertainty Harm the Economy? Business Leaders Are About to Find Out, N.Y. Times
(Feb. 15, 2025), https://www.nytimes.com/2025/02/15/business/economy/business-uncertainty-economic-
policy.html
21
   ‘A matter of survival‘: Small Businesses Speak Out on Tariffs, U.S. Chamber of Commerce (Apr. 8, 2025),
https://www.uschamber.com/international/trade-agreements/american-workers-businesses-consumers-trade-tariffs.
22
   Id.
23
   Id.
24
   Economic Whiplash, supra note 12.

                                                                                                                7
                                                                                                                                                                                                                                                                                                                                                                         Appe ndix A: Tr ump Tariffs Timeline

February 1, 2 025: President Trump sign s an executive order imposing tariffs on China, Mex ico, and Canada. Although a 1 0% tariff on all Chinese imports goes into effect immediately , a 30-day pause is placed on Mexican and Canadian tariffs of 25%. 25 Canada announces retaliatory tariffs on food, applian ces, apparel, vehicles, and other U.S. imports. 26

February 4, 2 025: Ch ina announces a 10%-15% retaliatory tariff on all U. S. agricultural products. 27

February 10, 2025: President Trump announces a 25% import tariff on all s teel and aluminum. 28

March 4, 2025: 25% tariffs on imports from Mexico and Canada temporarily go into effect but are paused the next day due to ins tability in financial markets. 29

March 6, 2025: President Trump exempts good s from Mexico and Canada that satisfy U.S.-Mexico- Canada Agreement (USMCA) requirements.30

March 12, 2025: The Euro pean Union (EU) announces a retaliatory rebalancing tariff package against the United States. 31

April 2, 2025, “ Liberation D ay”: President Trump announces that the United States will impose “reciprocal tariffs” on certain countries, plus a u niversal tariff of 10%. He refers to these tariffs as “reciprocal,” but the rates have little relation to the tariff rates or non-tariff barriers imposed on the Un ited States by other countries.

April 4, 2025: The American Enterprise Institute releases an article that demonstrates how the Trump adminis tration ’s formula for setting “reciprocal tariffs” was off by a factor of four, leading to arbitrarily high rates for certain countries. 32

April 5, 2025: The s toc k market lo ses $6.6 trillion over two day s due to the announced Trump Tariffs and impending reciprocal tariffs. 33

April 7, 2025: Treasury Secretary Scott Bessent say s President Trump is open to reaching deals w ith coun tries to ease tariffs. 34

April 8, 2025: U. S. Trade Secretary Jamieson Greer testifies before the Senate Committee on Finance that President Trump and his administration are open to talks with cou ntries that have “alternative” plans to achieve trade reciprocity . He states the Adminis tration is unlikely to negotiate with China at this time. 35

April 9, 2025:
                                              •                                              The EU approves new retaliatory tariffs on $23 billion worth of U. S. goo ds, includin g a range of manufactured items, and farm products including soy beans and corn.36
                                              •                                              President Trump’s tariff on imported g oods from Ch ina, originally 104%, goes into effect and is immediately increased to 125%.37
                                              •                                              President Trump announces a 90-day pause on the reciprocal tariffs he announced on April 2 for all countr ies except China.38




25
   Talya Minsberg, A Timeline of Trump’s On-Again, Off-Again Tariffs, N.Y. Times (Mar. 13, 2025),
https://www.nytimes.com/2025/03/13/business/economy/trump-tariff-timeline.html.
26
   Richard Partington & Lucy Swan, Trump’s tariff war - a timeline of key announcements and events, The Guardian
(Apr. 2, 2025), https://www.theguardian.com/us-news/2025/apr/02/trumps-tariff-war-a-timeline-of-key-
announcements-and-events.
27
   Id.
28
   Talya Minsberg, A Timeline of Trump’s On-Again, Off-Again Tariffs, N.Y. Times (Mar. 13, 2025),
https://www.nytimes.com/2025/03/13/business/economy/trump-tariff-timeline.html.
29
   Wyatte Grantham-Philips, A timeline of Trump’s tariff actions so far, PBS News (Apr. 4, 2025),
https://www.pbs.org/newshour/economy/a-timeline-of-trumps-tariff-actions-so-far.
30
   Richard Partington & Lucy Swan, Trump’s tariff war - a timeline of key announcements and events, The Guardian
(Apr. 2, 2025), https://www.theguardian.com/us-news/2025/apr/02/trumps-tariff-war-a-timeline-of-key-
announcements-and-events.
31
   European Commission Press Release, The Commision, EU countermeasures on US steel and aluminium tariffs
explained (Mar. 11, 2025); see also, Richard Partington & Lucy Swan, Trump‘s tariff war - a timeline of key
announcements and events, The Guardian (Apr. 2, 2025), https://www.theguardian.com/us-
news/2025/apr/02/trumps-tariff-war-a-timeline-of-key-announcements-and-events.
32
   Kevin Corinth & Stan Veuger, President Trump‘s Tariff Formula Makes No Economic Sense. It‘s Also Based on
an Error, American Enterprise Institute (Apr. 4, 2025), https://www.aei.org/economics/president-trumps-tariff-
formula-makes-no-economic-sense-its-also-based-on-an-error/.
33
   Joseph Adinolfi, U.S. stocks see biggest 2-day wipeout in history as market loses $11 trillion since Inauguration
Day, MarketWatch (Apr. 4, 2025), https://www.marketwatch.com/story/u-s-stocks-poised-for-biggest-two-day-
wipeout-in-history-as-marketloses-9-6-trillion-since-inauguration-day-430919f6; Ge Huang et al., Trump’s Tariffs
Wipe Out Over $6 Trillion on Wall Street in Epic Two-Day Rout, Wall St. J. (Apr. 4, 2025),
https://www.wsj.com/finance/stocks/u-s-stock-futures-fall-further-after-china-retaliates-against-trump-tariffs-
3be33fa7.
34
   Michael Stratford, Bessent: Trump ’ready to negotiate’ easing of tariffs, PoliticoPro (Apr. 7, 2025),
https://subscriber.politicopro.com/article/2025/04/bessent-trump-tariffs-
00277437?site=pro&prod=alert&prodname=alertmail&linktype=article&source=email.
35
   The President‘s 2025 Trade Policy Agenda: Hearing Before the S. Comm. on Finance, 119th Cong.
36
   Jeanna Smialek, Europe Votes to Retaliate on Some Trump Tariffs, Hours Before His Pivot, N.Y. Times (Apr. 9,
2025), https://www.nytimes.com/2025/04/09/world/europe/eu-tariffs-trump.html.
37
   Talya Minsberg, A Timeline of Trump’s On-Again, Off-Again Tariffs, N.Y. Times (Mar. 13, 2025)
https://www.nytimes.com/2025/04/09/world/europe/eu-tariffs-trump.html.
38
   Ben Berkowitz, Trump Scales Back Tariffs, Except on China, Axios (Apr. 9, 2025),
https://www.axios.com/2025/04/09/trump-tariffs-pause-china-stocks-recession; Elisabeth Buchwald & Kevin
Liptak, Trump Announces 90-day pause on ‘reciprocal‘ tariffs with exception of China, CNN (Apr. 9, 2025),
https://www.cnn.com/2025/04/09/business/reciprocal-tariff-pause-trump/index.html.

                                                                                                                                                                                                                                                                                                                                                                                                                8
25
   Talya Minsberg, A Timeline of Trump’s On-Again, Off-Again Tariffs, N.Y. Times (Mar. 13, 2025),
https://www.nytimes.com/2025/03/13/business/economy/trump-tariff-timeline.html.
26
   Richard Partington & Lucy Swan, Trump’s tariff war - a timeline of key announcements and events, The Guardian
(Apr. 2, 2025), https://www.theguardian.com/us-news/2025/apr/02/trumps-tariff-war-a-timeline-of-key-
announcements-and-events.
27
   Id.
28
   Talya Minsberg, A Timeline of Trump’s On-Again, Off-Again Tariffs, N.Y. Times (Mar. 13, 2025),
https://www.nytimes.com/2025/03/13/business/economy/trump-tariff-timeline.html.
29
   Wyatte Grantham-Philips, A timeline of Trump’s tariff actions so far, PBS News (Apr. 4, 2025),
https://www.pbs.org/newshour/economy/a-timeline-of-trumps-tariff-actions-so-far.
30
    Richard Partington & Lucy Swan, Trump’s tariff war - a timeline of key announcements and events, The Guardian
(Apr. 2, 2025), https://www.theguardian.com/us-news/2025/apr/02/trumps-tariff-war-a-timeline-of-key-
announcements-and-events.
31
   European Commission Press Release, The Commission, EU countermeasures on US steel and aluminium tariffs
explained (Mar. 11, 2025); see also, Richard Partington & Lucy Swan, Trump‘s tariff war - a timeline of key
announcements and events, The Guardian (Apr. 2, 2025), https://www.theguardian.com/us-
news/2025/apr/02/trumps-tariff-war-a-timeline-of-key-announcements-and-events.
32
   Fact Sheet: President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect
our Sovereignty, and Strengthen our National and Economic Security, The White House (Apr. 2, 2025),
https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-
to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/.
33
   Kevin Corinth & Stan Veuger, President Trump‘s Tariff Formula Makes No Economic Sense. It‘s Also Based on
an Error, American Enterprise Institute (Apr. 4, 2025), https://www.aei.org/economics/president-trumps-tariff-
formula-makes-no-economic-sense-its-also-based-on-an-error/.
34
   Joseph Adinolfi, U.S. stocks see biggest 2-day wipeout in history as market loses $11 trillion since Inauguration
Day, MarketWatch (Apr. 4, 2025), https://www.marketwatch.com/story/u-s-stocks-poised-for-biggest-two-day-
wipeout-in-history-as-marketloses-9-6-trillion-since-inauguration-day-430919f6; Ge Huang et al., Trump’s Tariffs
Wipe Out Over $6 Trillion on Wall Street in Epic Two-Day Rout, Wall St. J. (Apr. 4, 2025),
https://www.wsj.com/finance/stocks/u-s-stock-futures-fall-further-after-china-retaliates-against-trump-tariffs-
3be33fa7.
35
   Michael Stratford, Bessent: Trump ’ready to negotiate’ easing of tariffs, PoliticoPro (Apr. 7, 2025),
https://subscriber.politicopro.com/article/2025/04/bessent-trump-tariffs-
00277437?site=pro&prod=alert&prodname=alertmail&linktype=article&source=email.
36
   The President‘s 2025 Trade Policy Agenda: Hearing Before the S. Comm. on Finance, 119th Cong.
37
   Jeanna Smialek, Europe Votes to Retaliate on Some Trump Tariffs, Hours Before His Pivot, N.Y. Times (Apr. 9,
2025), https://www.nytimes.com/2025/04/09/world/europe/eu-tariffs-trump.html.
38
   Talya Minsberg, A Timeline of Trump’s On-Again, Off-Again Tariffs, N.Y. Times (Mar. 13, 2025)
https://www.nytimes.com/2025/04/09/world/europe/eu-tariffs-trump.html.
39
   Ben Berkowitz, Trump Scales Back Tariffs, Except on China, Axios (Apr. 9, 2025),
https://www.axios.com/2025/04/09/trump-tariffs-pause-china-stocks-recession; Elisabeth Buchwald & Kevin
Liptak, Trump Announces 90-day pause on ‘reciprocal‘ tariffs with exception of China, CNN (Apr. 9, 2025),
https://www.cnn.com/2025/04/09/business/reciprocal-tariff-pause-trump/index.html.




                                                                                                                   9


File and source

File

the-trump-tariffs-a-small-business-crisis.pdf

Size

1,358,308 bytes

SHA-256

05d8aef6615e0a252bdacdcd52b64b4f59d740a7e2f0ee3953ae24b68210bdc5

Our copy

the-trump-tariffs-a-small-business-crisis.pdf

Original

No public link identified.