Summarizing the Content:
In early March, Goldman Sachs lowered its GDP growth forecast from 2.4% to 1.7%, citing trade policy as a reason. Experts like Jan Hatzius, David Kelly, and others highlighted the challenges posed by rising tariffs for U.S. businesses, including small retailers, artists, and small business owners. ideological approaches.
According to Rieva Lesonsky, small business owners must consider how tariffs affect their activities, access to financing, and financial stability. Tariff increases drive up consumer prices, disrupt supply chains, and threaten job creation, highlighting the urgency and unpredictability of these policies.
Lesonsky emphasizes the need for practical strategies to mitigate the impact of tariffs on small businesses, such as diversifying suppliers, optimizing pricing, and seeking grants. Businesses can also leverage suppliers in low-tariff countries and negotiate favorable terms to maintain competitiveness.
By collaborating with policymakers and businesses such as Hello Alice, small business owners can gain insights into alternative supply chains and adapt to tariff environments. Lesonsky stresses the importance of building resilience through financial preparedness and supply chain flexibility.
They must remain agile, managing costs, and adopting efficient strategies to capitalize on opportunities, especially as tariffs continue to impact the global economy.
