It’s time to recognize the facts: the US is in a trade war. Some victims of the war are almost certainly going to be small…
It’s time to recognize the facts: the US is in a trade war. Some victims of the war are almost certainly going to be small businesses and small farms. Maybe even yours.
Even if your small business does not directly import or export goods, you’re still going to pay and pay big. I’ve got nine steps you should take now to minimize the impact of the trade war.
First, recognize that these tariffs are going to affect you even if your small business is neither an importer or exporter. It was bad enough when the massive tariffs were on Chinese goods – in 2018, the US imported $557.9 billion in Chinese goods – but President Trump just announced new tariffs on Mexican goods. Those tariffs start at 5% on June 10, increasing every month, potentially going to 25% by October. The US imported $371.9 billion in goods from Mexico in 2018, according to the Office of the US Trade Representative.
Virtually everything you buy in your business—office supplies, electronics, vehicles, the food in your break room—is probably imported. Those prices will rise. As prices rise, inflation and interest rates are likely to rise. That hurts your business.
