President Trump's 10 percent tariffs on Chinese goods could place additional financial strain on small businesses across the U.S. Many owners, like Sarah Pitkin with her four Virginia hardware stores, expect to increase prices significantly to account for new costs passed on from distributors. Over 40 percent of her inventory comes from China, leading to concerns about consumer affordability and business viability. A survey indicates widespread anxiety among small business owners, as they face pressure to choose between raising prices and potentially closing shops.
"For small businesses across the United States, President Trump's broad tariffs on Chinese-made goods could squeeze their already tight margins, and cause sticker shock for customers."
"People can't pay more for stuff, and won't pay more for items...Your items shrink to the point where you're really going to evaluate if you'll keep certain shops open."
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