Small businesses take it on chin in Trump’s tariff war — here’s how they’re trying to weather storm

Key Takeaways:

• Nearly 20% of small-to-midsize firms doubt their chances of survival over the next five years.
• President Trump’s tariff war is significantly affecting small businesses.
• Small businesses are seeking strategies to weather the economic storm.

Challenges Mount for Small Businesses Amid Tariff War

Small businesses are taking a significant hit as President Trump’s tariff war continues to exert pressure on the economy. The escalating tariffs have led to increased costs and uncertainty, leaving many small-to-midsize firms grappling with their future.

Pessimism Grows About Future Survival

According to a new report from PYMNTS Intelligence, nearly one in five small-to-midsize firms are pessimistic about their chances of survival over the next five years. This growing pessimism highlights the severe impact that current trade policies are having on the backbone of the American economy.

Searching for Ways to Weather the Storm

In response to these challenges, small businesses are actively seeking ways to navigate the turbulent economic environment. Strategies vary, but the focus remains on adaptation and resilience. Business owners are exploring options to mitigate the effects of tariffs and sustain their operations during this uncertain period.

The Broader Implications

The struggles faced by small businesses have far-reaching implications for the overall economy. As significant contributors to employment and innovation, the difficulties they encounter may signal deeper economic concerns. The situation underscores the need for attention to the challenges created by the tariff war and support for the small business sector.

Conclusion

The findings from the PYMNTS Intelligence report serve as a stark reminder of the hurdles that small businesses currently face. With nearly 20% expressing doubt about their future, it is clear that the tariff war’s impact is profound. How these businesses adapt and the support they receive will be crucial in shaping the economic landscape in the years ahead.