American business owners, especially small retailers, are facing severe challenges due to tariffs imposed by the Trump administration in an ongoing trade war. Sarah Wells, owner of Sarah Wells Bags, highlights the burden of rising costs, as her profits are further squeezed by tariffs spiking up to 54%. Many businesses are considering price increases, but uncertainty looms over consumer reactions. The National Retail Federation acknowledges that predicting changes in prices and consumer behavior has become increasingly complex with the new tariffs, leading many retailers to contemplate scaling back operations and product development.
"Even if we pass some (cost) to the consumer, we can't pass it all. So I really think the honest answer is that businesses will close."
"It's impossible to predict the magnitude of change on prices and on consumer spending."
"Many business owners are thinking of retrenching: ordering less, pausing hiring, and stopping new product development."
"Retail sales growth is forecasted to be slower than previous years due to the tariffs, at between 2.7% and 3.7%."
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