In the First Year, President Trump’s Tariffs Have Cost Small-Business Importers $306,000 on Average

Photo: NYK JOANNA, Port Of Los Angeles. The Vincent Thomas Suspension Bridge is in the background. Photo credit: A Guy Named Nyal via Flickr. CC BY-SA 2.0. Article by Michael Negron, Mimla Wardak and Kennedy Andara. The Center for American Progress – March  26, 2026.

New state-by-state analysis finds that the Trump administration’s trade policies are a hefty tax on small businesses, the backbone of America’s workforce.

In the runup to the one-year anniversary of President Donald Trump’s April 2, 2025, “Liberation Day” tariffs announcement, in which he promised to “supercharge our domestic industrial base,” the signs are unmistakable that the administration’s tariff strategy has failed to revive manufacturing while sticking the nation’s small businesses with a hefty bill. […]

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