Trump tariffs hitting small businesses

US small businesses that rely on imported goods are facing higher costs under President Donald Trump’s tariff policies. A March 2026 survey by Small Business Majority found that, among respondents directly affected by tariffs, 53% reported higher supplier costs, 47% had raised prices on some materials or products and 26% had delayed expansion. Those figures describe the organisation’s surveyed network, rather than all US small firms. The pressure can reach businesses that buy from American suppliers as well as those that import directly, leaving owners to decide how much of an increase they can absorb or pass on to customers.

The picture is mixed. A National Federation of Independent Business survey found that small business owners reported a net negative effect from tariffs so far, while expressing support for tariffs overall; its respondents placed particular value on predictable policy and stable costs. The Trump administration says tariffs encourage domestic production and protect American jobs and industries. That aim sits alongside the immediate difficulties reported by import-dependent firms, whose purchasing and investment decisions must respond to the duties they face now. The France 24 report could not be accessed directly, so its specific interviews and examples could not be independently verified.