- President Donald Trump is waging a trade war on many fronts, with tariffs on steel, aluminum, Chinese goods, and more.
- While Trump argues that the tariffs will make the US economy stronger, so far the duties are leading to layoffs.
- Small businesses across the US are grappling with the increased cost of goods, and some of them are resorting to layoffs to save money.
President Donald Trump’s tariffs on imports of steel, aluminum, and some Chinese products have started pushing up prices for many US companies that rely on those items to create final products, forcing many firms to make tough decisions about where to cut costs.
Many large companies have for now decided to pass on those costs to consumers or absorb the losses into their profit margins. But some smaller US businesses have been forced to cut labor costs to offset the higher amounts they’re paying for parts.
