Small business owners said tariffs imposed under President Donald Trump’s “Liberation Day” trade policy continue to strain operations, force price hikes and delay hiring, one year after the duties took effect.
During a press call Thursday, members of the We Pay the Tariffs coalition said many companies are still waiting for refunds after the Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act in February, while new tariffs have replaced many of the old duties.
The group released a “Liberation Day Report Card” showing businesses have paid an estimated $140 billion in tariffs ruled illegal, with no refunds issued to date, according to coalition data.
Small businesses describe rising costs, uncertainty
Matt Cagle, owner of outdoor gear company Rig’Em Right in Morehead City, North Carolina, said tariffs forced the company to rethink pricing and inventory strategies.
“Tariffs have hit us from every direction — raw materials, finished goods, and freight. We’ve had to raise prices multiple times just to keep up.”
“We tried to absorb costs at first, but small businesses don’t have the margins to do that for long.”
“The hardest part is the uncertainty. You don’t know if tariffs are going away, coming back, or being replaced with something else.” — Matt Cagle
Kacie Wright, owner of Houghton Horns in Keller, Texas, said her company is prepared to lower prices if tariffs are permanently removed, but uncertainty is preventing long-term planning.
“We want to lower prices, but we can’t do that until we know tariffs are truly gone.”
“Tariffs tied up our cash flow and forced us to delay investments in new inventory and equipment.”
“Small businesses like ours don’t have teams of lawyers and trade experts — we just have to react and try to survive.” — Kacie Wright
Ryan Guay, founder of Missoula, Montana-based FLATED, said tariffs forced the startup to increase prices and freeze hiring.
“We had to raise prices because tariffs increased our landed costs almost overnight.”
“We planned to hire more people, but tariffs forced us to put those plans on hold.”
“Tariffs don’t just affect imports — they affect jobs, growth and whether small companies can compete.” — Ryan Guay
Andy Payne, co-owner of Down Decor in Cincinnati, said tariffs have disrupted supply chains and long-term business planning.
“Tariffs created a level of uncertainty that makes it very difficult to plan production and sourcing.”
“We’ve had to shift suppliers, adjust pricing and renegotiate contracts just to stay competitive.”
“What small businesses need most right now is stability and predictability.” — Andy Payne
Refund delays and new tariffs add pressure
Coalition officials said the biggest frustration for many businesses is that refunds for tariffs ruled illegal have not yet been issued, more than a month after the Supreme Court decision.
At the same time, the administration has used other trade authorities — including Sections 122, 232 and 301 — to impose new tariffs, creating ongoing uncertainty for importers and manufacturers.
The coalition said its members include manufacturers, retailers, restaurants and other small businesses across the U.S., many of which rely on imported components or finished goods.
Freight market rebound remains volatile
For freight markets, tariffs have reshaped sourcing patterns, increased inventory costs and contributed to volatility in import volumes, particularly for small and midsize importers that rely on ocean freight and cross-border trucking.
Business owners on the call said tariffs have led to smaller order sizes, delayed shipments and shifting supplier networks — all trends that can reduce freight demand visibility and increase volatility for carriers and brokers.
With new tariffs replacing old ones and refunds still pending, many small businesses said they expect uncertainty around trade policy to continue affecting shipping volumes, pricing and supply chain strategies through 2026.
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