Small Business Owners Express Tariff Concerns

By: M. Scott Morris
Published: March 12th, 2025

Alignable's March Tariff Report reveals that 41% of small business owners expect revenue losses—an 11-point jump from 30% last month. Of those, 18% anticipate significant declines due to tariffs

These findings are based on 5,288 responses from randomly selected small business owners polled between Feb. 7–28 by Alignable, the largest online networking platform for small businesses.

Why this matters: Small businesses drive 44% of U.S. GDP, but instead of planning for growth in 2025, many are now focused on simply staying afloat.

More key findings include:

• Manufacturers are under increased pressure: Now, 54% fear tariff-related financial trouble—a 29-point surge from last month.
• Other industries expecting revenue declines include retailers (54%), science/technology (51%), transportation (49%), restaurants (45%), and automotive (43%).
• Most concerned states: Georgia (51%), Minnesota (49%), Colorado (48%), Illinois (47%), California, Massachusetts, and Washington State (46%), and New York (45%).
• However, 19% of small business owners believe tariffs will ultimately boost their income and will strengthen the U.S. economy down the road.

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