Survey: Tariff Anxiety Surges for Small Business Owners

By: M. Scott Morris
Published: April 16th, 2025

Tariff-related anxiety is surging among U.S. small business owners (SMBs), and new research from Alignable, in collaboration with Harvard Business School and MTI researchers, shows how quickly concern is growing.

Based on 4,441 responses from small business owners, Alignable's April Tariff Report found:

• 44% of SMBs expect reduced sales due to tariffs, up 14 points since February.
• More than 25% already report tariff-related revenue drops.
• Only 5% expect a significant revenue boost from tariffs.
• 68% anticipate continued uncertainty through April; 42% say it could last through 2025.
• More than 50% say they can't negotiate better supplier prices.
• Domestic alternatives often cost 25% more and take 6+ months to source.
• 75% believe average tariffs of 15%+ are here to stay.
• More than 50% were unaware of retaliatory tariffs from China and Canada.
• Concern is highest in New York (55%), Pennsylvania (52%), Florida (48%), Massachusetts (48%), New Jersey (45%), and Illinois (40%).
• Most affected industries are retail (57%), restaurants (54%), travel (54%), construction (53%), and manufacturing (52%). 

See the Full Report here.

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