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Rising Tariffs Concern Small Business Owners

A New Administration Brings Worries

COLUMBIA, S.C. — As a new presidential administration nears its inauguration, small business owners in South Carolina are voicing their apprehensions about how impending policy changes, particularly regarding tariffs, may significantly impact their operations and the local economy.

The Vital Role of Small Businesses

“Small businesses are truly the heart and soul of each and every community throughout our state and beyond,” stated Deborah Quinones, an impassioned entrepreneur.

Quinones, who operates Heaven and Earth, a small business specializing in homemade soaps, balms, and self-care products, has raised alarms about the possibility of increased tariffs when president-elect Donald Trump officially takes office.

Concerns About Increased Costs

“We hope for an economically sound environment for everyone involved,” Quinones remarked. “However, if tariffs rise, that directly leads to heightened prices for our customers. The cost of imported goods is already climbing and could escalate even further.”

Quinones fears this surge in tariffs could prevent her emerging business from launching as successfully as desired. "It could slow our momentum, potentially hindering or even derailing our plans altogether," she explained.

Customer Retention at Risk

Heightened tariffs pose a risk not just for businesses but for consumer behavior as well. Quinones emphasizes, “When prices escalate, those added costs ultimately burden the consumer, prompting them to seek cheaper alternatives. This trend can compromise the quality of the products they choose, which is something we strive to avoid. Our goal is to deliver high-quality products that meet the needs of people in our community.”

Economic Importance of Small Businesses

Frank Knapp, president of the South Carolina Small Business Chamber of Commerce, expressed cautious optimism for the year ahead but acknowledges the troubling implications of rising tariffs. “Small businesses in our state employ nearly half of all workers. They are a crucial pillar of our economic structure both locally and nationally,” Knapp stated.

The Ripple Effects of Tariff Increases

Knapp further cautions that an uptick in tariffs would create ripple effects, adversely affecting not only business owners but consumers across the board. “Small businesses operate on razor-thin profit margins and are reluctant to pass the entirety of cost increases onto customers,” he remarked. “This forces them to wrestle with difficult decisions about managing personnel – contemplating whether to reduce staff hours, lay off employees, or cut back on employees’ benefits.”

Political Perspectives on Tariffs

Republican strategist Dave Wilson outlines that this tariff strategy aligns with the president’s broader plan to stimulate the American economy. “I believe President Trump is engaging in a strategy designed to compel other nations to reconsider their pricing mechanisms while also promoting American goods abroad,” Wilson commented. “This is a tactical component of the president’s current economic policy.”

Concerns Beyond Economics: Immigration Issues

Another pressing issue highlighted by Knapp is the potential implications of mass deportation discussions brought forth by President-elect Trump. According to the American Immigration Council, as of 2022, around 90% of undocumented immigrants in the workforce are of working age, compared to just 61% of the U.S.-born population.

“They predominantly fill roles in small businesses, especially in sectors like agriculture, construction, hospitality, and elder care,” Knapp pointed out. “If we were to deport all undocumented workers, many small businesses would face plummeting performance, potentially leading to reduced services or even business closures.”

Balancing the Workforce with Economic Goals

Wilson adds that tackling undocumented labor directly relates to Trump’s objective of enhancing employment opportunities for American citizens. “While these moves may push businesses to reconsider their workforce composition, there must be a balance struck. The focus should be directed toward enhancing the American economy while also addressing the presence of illegal workers in the labor market,” Wilson said.

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