Released During National Small Business Week, New Report Finds That Small Businesses Are Facing Price Hikes And Layoffs As A Result of Trump’s Tariffs
WASHINGTON DC – During National Small Business Week, Senator Rosen released the following statement following the release of a new report highlighting the ways in which President Trump’s across-the-board tariffs and tariff uncertainty are harming small businesses across the country. In April, Senator Rosen highlighted the story of a Reno-based small business being hurt by Trump’s tariffs and demanded that the Trump Administration reverse course on its reckless trade policy.
“Small businesses are the backbone of Nevada’s economy, and Donald Trump’s sweeping tariffs are forcing entrepreneurs in our state and across the nation to make difficult decisions,” dijo el Senador Rosen. “This report makes it clear that President Trump’s trade policies are hurting our small businesses by raising costs and pushing them to lay workers off. I’m going to continue pushing to repeal these misguided tariffs.”
Read the full report from the Joint Economic Committee aquí.
Key points from the report:
- New Committee analysis of data released on May 2 shows that employment at small businesses with fewer than 10 employees declined by 3 percent – 366,400 jobs – since President Trump took office.
- Price hikes: Recent survey data found that 30 percent of small business owners indicated in March that they plan to increase prices – the highest amount reported over the last year.
- The net percentage of small business owners expecting better business conditions declined for the third consecutive month in March – from 37 percent to 21 percent. This represents the largest monthly decline since December 2020.
- Small businesses in the manufacturing, construction, trucking, and restaurant industries are being hit especially hard by tariffs and tariff uncertainty.
- Five of the 12 Federal Reserve Districts recently reported weakening manufacturing activity – in large part due to trade pressures.
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