90% of U.S. Tariffs Are Paid For by Importers or Consumers

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Robert Krol is an emeritus professor of economics at California State University, Northridge/InsideSources.

He writes, "Despite the president’s claim that foreign exporters are paying the tariffs, research shows that at least 90% of U.S. tariffs are paid for by importers or consumers. The tariff bill has tripled over the last year for these smaller businesses. This results in a tariff bill that is $25,000 higher per month for the average small- and medium-size business."

Here he talks more about the U.S.-Mexico-Canada Agreement, the president's decision to not extend it, and the impact on small- and medium-size businesses. 

Tariffs, Counter-Tariffs, and the Small Business Impact

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According to John Rizzo for the Rochester Business Journal, the end goal of implementing tariffs is to incentivize companies to relocate their manufacturing operations back to the United States, which would lead to job creation. Additionally, tariff revenue can offset tax cuts and be used as leverage to address issues such as illegal migration or drug trafficking.

While relocating operations to the U.S. could benefit small business owners and the overall U.S. economy, it takes time and a significant financial investment to make this transition.  [Laurel here ... most small business owners cannot afford this investment.]

As details continue to change rapidly, all you can do is monitor the situation, do the best you can do under the circumstances, and take action in a way that serves you and your customers best.