A group of small business owners are speaking out over growing concerns about what is being called a crisis that is hurting the bottom line of many.

Detroit

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

Small businesses in Detroit are reporting significant challenges as a result of tariffs implemented during President Trump's administration. Owners from sectors such as beauty and retail have seen sharp increases in supply costs, particularly for goods sourced from China, leading to higher prices for customers and concerns about hiring and business stability.

The impact of tariffs is not limited to small enterprises; large corporations like General Motors and Stellantis have also experienced substantial profit losses. Business analysts warn that the ripple effects are being felt across the economy, affecting both local stores and major manufacturers, and raising concerns about the future viability of many small businesses in the region.

Detroit small businesses being impacted by tariffs

There has been a lot of tariff talk during the first six months of President Trump's administration. And the impacts are being seen and felt in a variety of sectors from the auto industry to tech. And as Fox News Ingrid Kelley shows us, we're now hearing from local small businesses about how they're dealing with the tariffs. Here we are in what feels like a man-made crisis. A crisis that's hurting the bottom line of many small businesses. Many small business owners so concerned, they gathered Wednesday to express concerns over tariffs by the Trump administration. I'm not sure that I can hire seasonal help because I'm not totally confident that because of this tariff issue, I'm going to have the stability in the business environment that I need to feel confident going into the holidays. Jessica Kowali is in the beauty industry and tariffs are raising her prices. We got hit pretty hard when it comes to tariffs. The majority of the hair extensions come from China. And so I've had customers who were used to maybe paying 100, $150 for hair bundles. And now that has almost doubled. Many companies had tried to delay price increases, but reality has set in. A lot of this had been delayed because a lot of businesses kind of stocked up on inventory ahead of time. And so they've been kind of selling to the customers out of the inventory that they'd already built up. It's a squeeze that's being felt by large corporations also. General Motors, as you said, they showed that they had had a huge hit to profits, like a billion dollars as a result of tariffs. We saw also Stellantis in big trouble as a result of the tariffs. Another announcement too that I think is relevant is we saw just this morning an announcement by some of the U.S. steel makers that they're going to be increasing their prices. Business analysts are sounding the alarm for consumers and businesses. From your mom and pop stores to global corporations. You know, that old joke that used to exist about, you know, what's good for GM is good for America is certainly true in Michigan. And the same is true if what's bad for GM is bad for Michigan. And I think that's what we're starting to see now. Unfortunately, that could mean many small businesses could fade away. Well, unfortunately, that's the reality that we see whenever there's kind of a serious economic slowdown, like I think that we're facing right now. In Detroit, Ingrid Kelley, Fox 2 News.

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Detroit small businesses being impacted by tariffs

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