A family-run leather goods business, Walnut Studiolo, is experiencing the negative impact of President Trump's tariffs on imports from China, Canada, and Mexico. While some believe tariffs protect American businesses, they are causing rising costs for small manufacturers. Valerie Schafer Franklin, co-owner of the business, explains that her costs have increased as components necessary for production become more expensive. She emphasizes that their product pricing is based on actual costs incurred, which now includes the financial strain from tariffs, resulting in potential price hikes for consumers.
"Our prices right now are based on whatever we purchase the components for. We take how much it costs us to buy the things that go into it, how much time it takes us to make it, and then mark it up to cover our costs."
"Small businesses manufacturing in the US are already feeling the pinch of tariffs, which cause costs to rise and ultimately lead to higher prices for consumers."
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