| FOR IMMEDIATE RELEASE August 20, 2025 Contact: [email protected] ICYMI: New Poll Finds Tariffs Driving Up Costs, Small Business Optimism Falling A new Voice of Main Street poll from Small Business Majority shows small business optimism declining as tariffs continue to drive up costs and create uncertainty. Since April, the Trump Administration has imposed across-the-board tariffs of 10%–50% on nearly all imports, with higher rates for dozens of countries and industries. The average tariff rate now tops 18.6%, the highest since 1933. While some businesses initially absorbed the cost, companies are starting to pass the increases to American shoppers. Key findings include: ● Optimism sliding: Only 36% of small business owners are optimistic about the next six months, while 67% report higher expenses over the past 3 months. ● Big impact on small business: 60% report higher costs due to tariffs; more than half (57%) of these businesses have seen increases of 10–25%. and nearly one quarter (24%) say their costs have increased by 26% to 50%.  ● Seeking exemptions: 75% of entrepreneurs support exempting small businesses from tariffs; nearly two-thirds (62%) would strongly support it. ● Concern for the future: 81% of small business owners are concerned about the impact of tariffs on their business in the future, with 54% saying they are very concerned about the impact of tariffs on their business in the future. Bottom line: Small business owners say tariffs are already raising costs and undermining confidence. Small business owners are calling for relief and certainty from Washington so they can focus on growth rather than navigating unpredictable trade policy. ### Tariffs Cost US is a new campaign dedicated to providing the public with reliable, comprehensive information about global trade and tariffs, and their impact on both businesses and consumers. |
