The article discusses the recent implementation of tariffs by President Trump on imports affecting Brooklynites and local businesses. Initially set at rates up to 104%, tariffs were lowered to a universal 10% but saw an increase for Chinese goods. As a result, consumers may face rising prices on everyday items. While larger companies can absorb some costs, small businesses express concerns about potential layoffs or closures due to the added tax burden. Uncertainty in the market has led to fluctuating stock trends and growing anxiety among local entrepreneurs.
While larger corporations may be able to absorb higher tariffs in the short term, small businesses fear the added tax burden could be catastrophic - potentially leading to layoffs or even closures.
When the tariffs take effect, inflation-weary Brooklynites could see higher costs on everything from fruit, coffee, and wine to electronics, toys, cars, and clothing.
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