OPINION: Tariffs Drop, But Small Businesses Still Bear the Burden
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There’s a sense of relief among many small business owners this week. After a period of record-breaking high tariffs of 145 percent, the rate on many imported goods has dropped to 30 percent as of May 12 for items with a country of origin of China.
On the surface, this feels like a victory! But let us not lose sight of the bigger picture. Just one year ago, that tariff rate was ZERO (0 percent).
As a Director of Global Logistics for a medical device healthcare company, I see firsthand how these policies ripple through supply chains. This doesn’t only impact big corporations, but it is especially difficult for small businesses right here in Longmont. For our local businesses, 30 percent is not a return to normal, it’s a new and significant cost.
While the headlines are celebrating a dramatic reduction, the reality on Main Street is that a 30 percent tariff still means higher prices for essential goods, thinner margins, and tough choices for local business owners. As one recent Newsweek survey found, just over half of small business owners expect these trade policies to hurt their operations in the coming year.
Unlike large corporations, small businesses don’t have the luxury of spreading these costs across hundreds of products or passing them along to millions of customers. Many small businesses are already facing rising costs on everything from raw materials to packaging and electronics. This might mean delaying projects, trimming staff hours, or raising prices and hoping loyal customers will understand and not leave.
The recent drop in tariffs is a step in the right direction, but it’s not a long-term solution. It’s important to remember that for much of last year, small businesses operated without these extra costs. Even at 30 percent, local business owners must absorb expenses that didn’t exist previously. Additional unforeseen expenses can mean the difference between hiring or laying off staff, expanding or holding back, surviving or closing their doors.
We must continue to pressure our policymakers to recognize the unique challenges small businesses face. Tariff relief shouldn’t be temporary or partial. Small businesses need certainty and a level playing field, not a cycle of crisis and reprieve.
As a community, we should continue to advocate for local businesses and support policies that reduce unnecessary burdens. Something to remember is that every percentage point matters, because behind every small business is a family, a workforce, and a neighborhood that depends on their success.
Let’s continue to fight for a Strong Longmont for All.
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