As the deadline for the new trade agreement approaches, the owners of small businesses across the United States are striving for potential impacts on ongoing customs policies. Recently, EDWARD J. Markey, a member of the US Senate Small Business Commission, emphasizes the actual economic burden of small businesses continuing due to these tariffs.
The administration’s position seems to overlook important challenges faced by about 34 million small companies nationwide. «The plan for a small company in the Trump administration seems to cause them to suffer,» Markey said.
Small business owners are important part of the US economy, accounting for 97%of US importers and exporters, accounting for one -third of all trade. But many people express concern. According to a recent survey by Goldman Sachs, 70%of the owners of small business owners anticipate the negative impact of existing tariffs, and uncertainty is a key element of concern.
The financial results of these tariffs have placed many small businesses in an unstable position. They face difficult choices. Absorb the increase in costs, deliver it to consumers, delay employment, or dismiss the employee potentially. Markey emphasizes this dilemma, saying, «Trump’s reckless and overly extensive tariffs are forced to make small companies make difficult decisions.»
Since Trump’s 90 -day window will be closed on July 9, Markey’s statement has reached a single trade transaction that reduces tariffs, despite the promise of negotiating a very favorable condition. Just as they have begun to recover from the frustration of Covid-19 Pandemic, this new challenge threatens that it will be a tipping point.
Markey is vocals of pressing the relief administration after introducing a small business liberation. The proposed bill aims to exempt small companies from a wide range of tariffs implemented after the National Emergency Declaration in April. Despite these efforts, the Republican opposition party has blocked this initiative in the Senate.
The urgent question of the owner’s mind is as follows: how can you explore this turbulent environment? One immediate strategy is to maintain information on ongoing trade negotiations. Markey’s letter to Kelly Loeffler, a small business manager, and other officials, emphasizes the importance of transparency and fair policy instead of interfering with small companies.
In addition, the owner of small businesses must carefully evaluate the supply chain. Markey points out that there is a lack of replacement options on certain products, and companies should consider how potential tariffs can affect operating costs.
Markey also advocates fair treatment in general, urging the administration to expand the same financial relief as providing small companies to large companies. He previously demanded exemption from small companies that were similar to those given to technology large companies such as Apple and Google.
As the deadline for tariff review decreases, small companies need to prepare for the change in potential price volatility and operating costs. In advance, the owner can better manage the risk of tariffs and trade policies. The pressure is under construction, and the owner of small businesses should watch closely as the landscape develops.
It is important to maintain prevalent residence and participate in trade discussions when indicated by uncertainty. Those who are interested in more information can refer to the official press release of the US Committee on US small businesses and entrepreneurships. This link.
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