"We took a margin hit,"
"It's been a "whirlwind" of a year."
"Some of the smaller businesses that weren't prepared for this had to cut a lot of operational costs,"
"There were shipments that we lost money on because we didn't want to upset our retailers,"
Joshua Scherz, founder of Bela, rebranded and launched a direct-to-consumer canned-sardine business in January while importing from Portugal and suffered margin losses due to tariffs. Sam Piliero, CEO of The Moonlighters, reported many e-commerce clients cut media spending by up to 50% as they absorbed higher import costs and lost the de minimis shipping exemption. Smaller businesses reduced operational expenses when unprepared for the changes. The IMF projected nominal GDP growth to fall from 9.1% in 2024 to 6.8% in 2026. Yale's Budget Lab estimated a $1,257 loss in real income per household. WPP upgraded 2025 ad growth projections to 8.8%.
Read at Digiday
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