QUICK SUMMARY
Small businesses, which make up 98% of all retailers in the U.S., are struggling with rising tariffs that strain their finances. These import taxes lead to increased prices for consumers and a decline in local spending, threatening economic activity and job security. Without intervention, many small retailers may face permanent closures.
Rising tariffs are putting significant pressure on small businesses, which represent 98% of all retailers in the U.S. These import taxes, paid by domestic companies, compel many small retailers to increase prices, leading to decreased consumer spending and confidence. With limited access to domestically sourced goods, some retailers are left with no choice but to import products, incurring additional costs. Advocates warn that without relief, the long-term consequences could include diminished economic activity and widespread job losses. A decline in local shops may not only hurt the economy but also the communities they serve. The Burlington Chamber is actively monitoring these challenges and advocating for policies that support small businesses. As small retailers struggle to maintain their operations, the potential for permanent closures looms large. The situation underscores the need for a balanced approach to tariff policies that considers the unique challenges faced by Main Street businesses.