Small businesses took on debt and raised prices to cope with tariffs
<p>Tariffs imposed last year drove small business owners to take new debt, tap into retirement savings and raise prices, among other measures, according to a national survey released this week. </p><p>Many businesses experienced challenges beyond the cost of tariffs, said national grassroots group We Pay the Tariffs in a survey of 241 businesses in 40 states, including six in Illinois.</p><p>In Chicago, yarn store Dropped Stitch, incense maker Genieco and furniture seller Moderne Living participated in the survey.</p><p>Sporting goods maker Boombah based in Yorkville, west of Chicago, delayed expansion and new product development and froze hiring.</p><p>“Tariffs must often be paid upfront, creating a significant cash flow burden,” Moderne Living chief operating officer Rae Muranski said in the report.
Reported by 1 outlet — Chicago Sun-Times. See all sources ↓
<p>Tariffs imposed last year drove small business owners to take new debt, tap into retirement savings and raise prices, among other measures, according to a national survey released this week. </p><p>Many businesses experienced challenges beyond the cost of tariffs, said national grassroots group We Pay the Tariffs in a survey of 241 businesses in 40 states, including six in Illinois.</p><p>In Chicago, yarn store Dropped Stitch, incense maker Genieco and furniture seller Moderne Living participated in the survey.</p><p>Sporting goods maker Boombah based in Yorkville, west of Chicago, delayed expansion and new product development and froze hiring.</p><p>“Tariffs must often be paid upfront, creating a significant cash flow burden,” Moderne Living chief operating officer Rae Muranski said in the report. “This ties up working capital long before customer payments are received, making it especially difficult for small businesses to fund operations, invest in growth and remain competitive."</p><p>We Pay the Tariffs released its report days after President Donald Trump on Monday threatened 50% tariffs on most <a class="Link" href="https://apnews.com/article/trump-canada-50-tariff-autos-alcohol-cheese-ca268ef24992b16695954c4c2e5eae6a" target="_blank" ><u>Canadian goods</u></a> starting in August. The move could unleash a new wave of economic chaos, with risks of higher inflation and further fraying of relations between the two nations.</p><p>The U.S.
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- <p>Tariffs imposed last year drove small business owners to take new debt, tap into retirement savings and raise prices, among other measures, according to a national survey released this week. </p><p>Many businesses experienced challenges beyond the cost of tariffs, said national grassroots group We Pay the Tariffs in a survey of 241 businesses in 40 states, including six in Illinois.</p><p>In Chicago, yarn store Dropped Stitch, incense maker Genieco and furniture seller Moderne Living participated in the survey.</p><p>Sporting goods maker Boombah based in Yorkville, west of Chicago, delayed expansion and new product development and froze hiring.</p><p>“Tariffs must often be paid upfront, creating a significant cash flow burden,” Moderne Living chief operating officer Rae Muranski said in the report.
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Small businesses took on debt and raised prices to cope with tariffs
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