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Chicago, IL — Many small businesses in Illinois are on edge, forced to raise prices and freeze plans as Donald Trump threatens to wreak economic havoc with tariffs against Canada, China and Mexico.
“Small businesses are the backbone of our state, which is why Illinois Democrats are working hard to address affordability concerns. Meanwhile, Trump is making things worse, leaving entrepreneurs to grapple with the trade-war he’s creating.”
Trump isn’t going to make oligarchs pay for his tariffs–local businesses and hard-working Illinoisans will.
Bloomberg: Trump’s Tariff Wars Leave US Small Business With Nowhere to Hide
By: Mark Niquette, Enda Curran, Amara Omeokwe, and Michael Sasso
- American companies of all sizes are on edge over President Donald Trump’s tariffs, but it’s arguably small business that is most exposed.
- Many smaller firms say they’re having to hike prices, freeze expansion plans or absorb a hit to already-thin profit margins as import bills climb. Such businesses employ half the US workforce, so how they cope with Trump’s ramped-up trade war will be crucial to the wider economic impact.
- Many small businesses don’t have the option of soaking up tariff costs: they just have to raise prices. That’s the case at Field Fastener, according to Chief Executive Jim Derry. The firm, based in Rockford, Illinois, sells bolts, screws and other components — largely sourced from China and Taiwan — that are used to make all kinds of things, from football helmets to elevators. “Our customers’ products are in your everyday lives,” says Derry.
- “Those same customers are now on notice that prices are headed up. “We’ve made it abundantly clear,” Derry says. “If tariffs are increased or added, we cannot absorb them.”
The Center Square: Survey: Third of Illinois small business owners fear revenue losses from tariffs
By: Kevin Bessler
- A new survey shows some small businesses in Illinois are on edge about international tariffs and the effects they could have on their bottom lines.
- “Of the states that we looked closely at, Illinois ranked as the third highest state of small businesses who are concerned about what the tariffs could do to their revenues where we had 35% from Illinois telling us that,” said Casto.
- Casto said small business owners fear increased costs and supply chain disruptions could force Main Street businesses to hike prices, reduce staff, or shut down altogether.
Shaw Local: Uncertainty colors local businesses’ reaction to potential trade war
By: David Petesch, Joey Weslo, Bill Freskos, Jessie Molloy, Bob Okon and Denise M. Baran-Unland
- As nations exchange tit-for-tat tariffs across international borders, Illinois farmers, manufacturers, brewers and other business owners are caught in the uncertainty of how President Donald Trump’s aggressive trade stances could affect their industries.
- “The magic question is always, ‘Who absorbs the cost?’” Paone said. “Does that company absorb it and find other ways, or is that a straight pass to consumers? Obviously, it’s going to be felt somewhere.”
