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BusinessSmall businesses say they are already feeling the pain of tariffs: surveyBy Ariel ZilberPublishedJune 5, 2025, 1:36 p.m. ET

More than a third of small business owners say they have been hurt by President Trump’s tariffs — with another nearly 40% anticipating adverse effects, according to a Goldman Sachs study

released Thursday.

Of the 36% already impacted or the 38% expecting a hit a to their bottom lines, a striking 77% of small business owners attributed their concerns primarily to the uncertainty stoked by the

administration’s constantly shifting policies, the survey found.

The survey was done by Goldman Sachs 10,000 Small Businesses Voices — the Wall Street firm’s national advocacy initiative designed to help entrepreneurs engage directly with

policymakers.

The administration has imposed a universal 10% levy on most nations, while hitting major trading partner China with a 30% tariff, while it negotiates better deals with all the

countries.

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There are also additional 25% tariffs on imported automobiles and car parts and a 50% levy on steel.

Jessica Johnson-Cope, who runs the Bronx-based private security firm Johnson Security Bureau, noted the pressing reality facing small firms.

The third-generation business provides services on construction sites, a sector sensitive to fluctuating trade policies.

“I anticipate that the prices of uniforms will increase because our vendors import them,” Johnson-Cope told The Post via email.

feel negatively impacted by tariffs with another 38% anticipating adverse effects in the future. AFP via Getty Images

“I also expect a big hit when we purchase a new armored truck. Had we purchased it last year, a new truck would have cost approximately $150,000. Now, the price will probably be closer to

$200,000.”

She said tariffs are causing direct disruptions through increased prices as well as indirect challenges through delayed projects.

“Some of our construction customers are postponing pending projects until there is a greater level of certainty around the tariffs,” she said.

The uncertainty over trade policy is compounded by broader anxieties centered around access to capital.

The survey reported that 81% of small businesses seeking loans or credit lines in the past year encountered difficulty securing affordable financing.

High interest rates have led 49% of small businesses to halt expansions and 41% to restrict new business endeavors, the survey found.

necessary to spur domestic manufacturing. AFP via Getty Images

Johnson-Cope detailed a personal experience illustrating these struggles.

“Several years ago, a slow-paying client nearly bankrupted us. Without access to affordable capital, we had to take out a high-interest loan just to stay afloat,” she told The Post.

“That expensive debt limited our ability to grow — we couldn’t expand or pursue new opportunities, and our future growth was effectively stalled.”

Tax policy complexities further compound these challenges, with 82% of small business owners believing the federal tax code favors large corporations.

Johnson-Cope and her peers call for straightforward, predictable policies, highlighting that “when the tax code is overly complex or constantly changing, it makes long-term planning

difficult.”

Despite these considerable obstacles, optimism persists.

The Goldman survey showed that 75% of small businesses remain upbeat about their trajectory, with 72% forecasting growth in 2025.

Many are incorporating artificial intelligence to boost efficiency, although 42% lack the resources and expertise for successful deployment, according to the survey.

surrounding tariffs, three in four small business owners say they anticipate growth this year. olezzo – stock.adobe.com

Johnson-Cope told The Post that addressing tariffs, capital access and tax simplicity is crucial.

She emphasized the critical need for small businesses to have a consistent voice in policymaking.

“Small businesses are the engine of the American economy. We are job creators, innovators, and the heartbeat of our communities — we deserve for our voices to be heard, not just as a one-off

for a single piece of legislation, but day in and day out as policymakers craft ideas that can limit or expand our chance to grow,” Johnson-Cope said.

The Post has sought comment from the White House.

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