In recent days, the Trump administration has touted record Black Friday spending as an indication that the president’s tariff policy has had little impact on the economy.
However, economists, financial experts, and small businesses across the country have pushed back against this claim, sounding the alarm over the lasting economic impact rising costs will have on working Americans.
According to Politico, economists and corporate executives are warning consumers that a drastic rise in prices will be seen as soon as January, as pre-tariff inventory runs thin and holiday discounts disappear.
For small businesses, Trump’s tariffs have hit especially hard, as many rely heavily on the holiday season but are grappling with increased costs and supply chain disruption brought on by the tariffs.
“We’ve had to raise our prices and customers are not happy about it,” Sam Ratto, owner of Videri Chocolate Factory in Raleigh, told the News & Observer. “As a small business owner, I don’t have any power to fight this.”
Since taking office in January, Trump has threatened or passed tariffs on a variety of products from countries, business owners and Democrats have been vocal about the harms imposed by the increased taxation.
In July, U.S. House and Senate Democrats filed a legal brief against Trump, calling the president’s use of IEEPA an “unlawful abuse of emergency powers.”
Democrats in various states have also introduced legislation aimed at blocking tariffs, shielding small businesses from these harmful tariffs, and requiring the administration to compensate small businesses for increased costs.
“Small businesses shouldn’t be collateral damage in Trump’s reckless and illegal trade war,” said Senator Hickenlooper, in a statement following the introduction of the Small Business RELIEF Act. “As a former small business owner who’s met with Colorado entrepreneurs, I know these senseless tariffs are crushing entrepreneurs and increasing prices across the board. Small businesses deserve the chance to weather this storm.”
On the campaign trail last week, former North Carolina Governor Roy Cooper, now a U.S. Senate candidate, echoed the same sentiments– criticizing the ever-increasing costs on consumers and business owners.
“You start off with these chaotic, indiscriminate tariffs that are being placed all across the world by this administration,” stated Cooper.
“You know who’s paying it? This small business, small businesses across North Carolina, and this country. And their employees, and the consumer. And one of the things I want to do is work with this great senator and others to get back some of that constitutional authority that Congress has in trade and tariffs so these things can be negotiated and depended upon and work like they’re supposed to without raising prices.”
Cooper called out his opponent, Michael Whatley, for supporting Trump’s tariffs, stating that the candidate “is going to do whatever this president tells him to do.”
“I want to be an independent senator who can work with the president when I can, stand up to him when I need to, stand up to my own party when I need to,” Cooper added.
Numerous lawsuits have been filed over the harmful tariffs and Trump’s misuse of emergency powers. The latest lawsuit was filed by over 20 companies, including Costco, challenging the tariffs and requesting financial relief.
