President Donald Trump and his allies have repeatedly claimed that his tariffs are paid exclusively by foreign countries exporting goods into the US, but the reality remains that the costs are paid by the companies importing goods into the country and are most often passed down to consumers. Now, a new report from Fortune has found the full impact on small businesses, with tariffs siphoning thousands of dollars out of them every month.
Fortune reported the findings of the Center for American Progress (CAP), which it describes as a "left-wing think tank," from a report published on Dec. 17. According to CAP, between April, when Trump enacted his sweeping "Liberation Day" tariffs on nearly every country, and September, roughly 236,000 small businesses in the US paid, on average, $151,000 more in import duties compared to the same period of time in 2024. This equates to a little over $25,000 per month.
“The Trump administration’s broad, costly, and frequently shifting policies threaten to undermine one of the strongest engines of the American economy,” Michael Negron, an analyst with CAP, said in a statement about their findings. “A season of opportunity for small businesses has turned into one of uncertainty.”...