The Markey report details the effect of Trump prices on small businesses

“The situation is disastrous. Maman-and-Pop restaurants unable to afford basic supplies such as cooking oil to small manufacturers and high-tech startups struggling with the raw materials necessary for innovation, small businesses in all sectors are faced with the same paralyzing reality, “Markey wrote in a joint letter with the small chief of activity.

He followed the letter by publishing a report qualifying the situation of “crisis for small businesses”.

Here’s what you need to know about what event.

What are the main conclusions of the Markey report?

According to a press release from Markey Office, they understand:

• Increase in supply costs Serres Small businesses, forcing them to spend more for less and to reduce the already narrow beneficiary margins. The owners must choose between increasing prices – risk loss of customers – or absorb costs, which weakens their financial resilience.
• A survey carried out by small businesses for the future of America have found that 72% of small businesses say that irregular pricing policies create a “cervical boost”, disturbing planning and long -term decisions.
• Given the forecasts of an American recession After the announcement of Trump prices, consumers confronted at higher prices and tighter budgets will probably spend less overall and hierarchize expenses among retailers at lower cost – generally large companies.
• Trump prices have increased the cost of imported goods and raw materials on which small businesses depend. These costs of increase slow production, reduce competitiveness and leave business owners.
• 97% of American importers and exporters are small businesses and, in 2023, these companies represented nearly a third of American imports and exports.
• Survey data shows that 78% of small businesses expect higher costs; Small businesses often have no choice but to increase the costs of supply on customers.