Right off the bat, let’s talk about what a tariff is. There are a lot of misconceptions out there, so let’s clear the air. A tariff is a tax on imported goods paid by the U.S. business or individual receiving the goods. The foreign exporter doesn’t pay the tariff; your organization does if you choose to purchase goods abroad. You’re not alone in dealing with higher-priced items for your business.

At the end of the day, tariffs aren’t abstract economic concepts; they directly impact the bottom line of local businesses in our community. From summer fun items we all enjoy to everyday goods vital for business operations, prices are rising. Small businesses will bear many of the costs first-hand as they often make up a significant portion of U.S. importers. With tighter profit margins and less financial flexibility, increased tariffs can force tough choices for our local businesses: raise prices for customers, absorb costs and shrink profits, or reduce inventory and operations.

Tariffs will have ripple effects throughout our community. That’s why our team has been hard at work compiling resources to help you and your business navigate through them as best as possible. Here are four things you can do for your business to help get through tariffs.

  1. Review your supply chain. It’s crucial to know where your imported goods originate and how tariffs may impact their cost.
  2. Seek out local alternatives if possible. Can you source materials or products domestically to avoid tariff costs? (This may not always be possible.)
  3. Communicate with your customers. Be transparent with your community about the rising costs and your prices.
  4. Last, but not least, connect with your Chamber. We’re here to help you! From our grant portal to our business resources, our team is ready to help you navigate tariffs.

The year ahead may have its challenges. But by working together and leveraging the strength of our local business community, we can navigate these tariffs and continue to build a thriving business community.