This is a personal experience, as a small business owner trying to grow a business in the United States right now.
A little dose of reality: Trump’s tariffs policy is aimed at helping encourage consumers to buy American.
Here’s what’s actually happening to a small business like mine:
I needed a piece of equipment to help run my small business that I cannot find in the US. It’s manufactured in China. I find what I need at a trade show in Las Vegas and decide to purchase it. The cost is $3,030. Once the equipment ships I get a summary from the department of homeland security and have an agent prep the incoming freight.
The image you see here are the costs I pay to allow the freight to come in to the United States. Note: this is NOT the cost of shipping from China to the US OR the cost of shipping from the port to our address (there are two more shipping fees I have to pay). The fees you see here are what I’m required to pay in addition to shipping and the cost of goods sold. The total amounts to $1,563.08 – remember: the cost of the goods I’m purchasing is at $3,030.
Today, I have to pay a 50% “tax” to be allowed permission to buy equipment from another country.
This does not help my small business, it does not help my customers. We’re seeing big businesses flourish and small businesses being pushed to the brink.