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Ranking Member Markey, Leader Schumer, and Small Business Democrats Urge SBA Administrator Loeffler to Mitigate Damage from Trump’s Tariffs to Small Businesses
04/14/2025
[ Article originally appeared in www.sbc.senate.gov ]
Ranking Member Edward J. Markey (D-Mass.) and Democratic Leader Chuck Schumer (D-N.Y.) today led the Democrats on the Senate Small Business and Entrepreneurship Committee in writing to U.S. Small Business Administrator Kelly Loeffler to take immediate action to address the impacts of Trump’s reckless tariff policies on small businesses. Administrator Loeffler has the critical responsibility of protecting the interests of the country’s more than 34 million small businesses, and Trump’s tariffs and trade policy are endangering the livelihoods of the entrepreneurs who are the backbone of our economy. In the letter the lawmakers write, “The situation is dire. From mom-and-pop restaurants unable to afford basic supplies like cooking oil to small manufacturers and high-tech startups struggling to afford the raw materials needed for innovation, small businesses across all sectors are facing the same crippling reality. As these costs rise, consumer confidence continues to plummet, and the economy stagnates. A survey by Small Business for America’s Future found that 71 percent of small businesses will need to increase prices to survive, but with consumer confidence at its lowest since the pandemic, many owners know their customers cannot afford higher prices. The tariffs, therefore, are not only increasing costs, but also are undermining the very demand from customers that small businesses rely on.” The lawmakers continue, “Failure to act will not only jeopardize the livelihoods of small business owners but may also lead to long-term financial hardship for the 60 million workers employed by small business – especially those working paycheck to paycheck who cannot afford to be laid off or have jobs delayed or denied. Indeed, American small businesses and workers are falling behind, and more must be done to support domestic manufacturing and small businesses by fixing our broken tax code, investing in our supply chains, and training a skilled workforce. Without these investments, we are only doing a disservice to millions of working families and small businesses caught in the crosshairs of this trade war. Suggesting that small businesses can easily pivot to new suppliers is not only ignorant but dangerous.”
The lawmakers conclude, “We urge you to take swift action to ameliorate the damage being inflicted on small businesses by the President's tariff policies, combined with the chaos of cuts to federal services and investments that small businesses rely on. As a representative of millions of entrepreneurs who are on the brink of disaster and the voice of small businesses in the administration, you have an obligation to fight for their survival. Your leadership is crucial in ensuring that the concerns and struggles of small business owners are heard and that tangible solutions are implemented to protect them from the devastating effects of Trump’s trade war. America’s small businesses—and the workers they employ—are counting on you to take action before it is too late.” Back To News |
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