"According to the analysis by Michael Negron and Mimla Wardak, the administration's "Liberation Day" tariff announcement triggered a sharp increase in duties collected from American businesses. From April through September 2025, CAP estimated, the roughly 236,000 small-business importers in the U.S. paid an average of more than $151,000 in additional tariffs compared to the same period in 2024. (CAP cited the centrist Chamber of Commerce's research on the small-business importer sector of the economy.)"
"The report found "mom-and-pop" businesses-those with fewer than 50 employees-paid, on average, over $86,000 more per business during this six-month window than they did the previous year. The outlook for the immediate future is equally grim: CAP projects that if current monthly costs persist, the typical small business will face a tariff bill exceeding $500,000 in 2026, potentially resulting in additional layoffs, bankruptcies, and delayed investments."
Small-business importers paid roughly $151,000 more from April through September 2025 than in the same period in 2024, averaging about $25,000 more per month since April 2025. The "Liberation Day" tariff announcement and elimination of key import exceptions increased duties collected from American businesses. Approximately 236,000 small-business importers were affected. Businesses with fewer than 50 employees paid over $86,000 more each during that six-month period. If current monthly costs persist, a typical small business could face tariff bills exceeding $500,000 in 2026, causing layoffs, bankruptcies, and delayed investments.
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