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The Trump administration recently delayed a scheduled increase in tariffs on Chinese imports, much to the relief of business owners nationwide. China and the United States are still working out agreements on both imports and exports.
Pushing the deadline for tariff increases is great for American consumers and business owners. According to a new Americans for Prosperity and Freedom Partners report, if the original increase stayed on schedule, those tariffs would have a devasting effect on our families, friends and neighbors.
Small business owners from around the country want you to know the real impact that an increase up to a 25 percent tariff would have on their products, their employees and their livelihood.
Step2 Discovery builds toys and outdoor products. You’ve likely seen their logo on a backyard swing set or slide. Step2 Discovery’s CEO said that a tariff increase would have a “severe” effect on his company and lead to increased prices.
“The resulting increased costs of supplies from the imports from China will lead to a greater increase in the price to the retailer, which will lead to an even greater increase in the price to the ultimate U.S. consumer” – Anthony Ciepiel, CEO
ECM Industries manufactures electrical components. According to ECM’s CEO, increased tariffs will cost the company more than $500,000 and will result in significant layoffs to their staff of 350 employees.
“If all of the Section 301 and 307 tariffs remain, we will be forced to reduce our headcount by 50 to 60 people in order to offset the costs to our bottom line.” – David Scheer, CEO
Public safety is also a concern under heavy tariffs. Producers of safety equipment, disaster supplies and medications will take hits that harm their customers. Firman Power Equipment’s CEO said his company will have to raise prices on their products to keep up with the cost of tariffs, inevitably putting consumers in danger.
“The potential for increased costs to consumers could price our products out of reach for millions of people that desperately need them in times of crisis, or cause them not to be prepared in advance of the next major event when they need these products.” – Gregory Montgomery, President and CEO
Many businesses will even be forced to shut their doors under a 25 percent tariff. Reef Breeders, a small retailer in Wakefield, Rhode Island, anticipates it won’t survive a tariff increase.
“Reef Breeders LLC has dedicated a great deal of time and resources in building a USA based warranty service and distribution center in Wakefield, RI USA. These new tariffs jeopardize our operations and could very well cause us to go out of business.” -Logan Vanghele, Owner
These business owners and countless others know that tariffs will hurt their customers and destroy the businesses they worked so hard to build. The solution for fixing our trade problems is to eliminate barriers such as tariffs, not put up more.