A manager of a toy business was blasted with notices of daily price increases. A maker of lip balm predicts a $5 million increase in product costs. The owner of a music venue was shocked to learn that installing new seats in a performance hall would cost $140,000.
Even though import taxes, which are paid by US companies and frequently passed on to consumers, were partially paused for 90 days this week, they are among a dozen business owners and managers who spoke with Reuters about the effects of President Donald Trump’s tariff regime, giving Reuters an early idea of what many more Americans might expect.
The entrepreneurs voiced their worries about the ongoing economic instability. Trump increased taxes on Chinese goods, essentially bringing them up to 145% when levies levied earlier this year are considered, while announcing the 90-day tariff freeze on dozens of nations. After slashing trade taxes for the previous week, he maintained import duties on the majority of other countries at 10% for ninety days. 25% tariffs on items not included by the region’s current trade agreement are still imposed on Canada and Mexico.
Shriver informed 300 customers for whom Eco Lips produces goods for their own brands in a letter on Wednesday, the day Trump ordered the freeze, that costs would increase and delivery schedules would be extended.
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