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Trump's 145% Tariffs Threaten Small Businesses, Spark Recession Fears

4/22/2025

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Center

Trump's Tariffs Impact

President Trump's soaring tariffs, hitting a staggering 145% on Chinese imports, are wreaking havoc on small businesses in the U.S., especially in Oregon and Minnesota. Owners face skyrocketing costs and disrupted operations, prompting price hikes and fears of layoffs. The threat of widespread closures looms large, casting a shadow over the economy and sparking recession worries.

Right

Thrift Stores Struggle

New York City's vibrant secondhand apparel industry faces a daunting challenge as President Trump's tariffs take their toll. Store owners are witnessing a drop in sales, fearing that escalating prices will drive away loyal customers. With tourism on the decline, thrift shopping may become less accessible, while online resale markets could thrive amidst the turmoil.

History

Historical Context

President Trump's imposition of steep tariffs, reaching 145% on Chinese imports, echoes the historical Smoot-Hawley Tariff Act of 1930, which raised tariffs significantly and is often blamed for deepening the Great Depression. The current tariffs threaten small businesses, disrupt supply chains, and raise consumer prices, raising fears of a recession reminiscent of past economic downturns linked to protectionist policies.

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Trump's Tariffs Impact

President Trump's soaring tariffs, hitting a staggering 145% on Chinese imports, are wreaking havoc on small businesses in the U.S., especially in Oregon and Minnesota. Owners face skyrocketing costs and disrupted operations, prompting price hikes and fears of layoffs. The threat of widespread closures looms large, casting a shadow over the economy and sparking recession worries.

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