For America’s 35M small businesses, tariff uncertainty hits especially hard

By Peter Boumgarden, Professor of Family Enterprise, Washington University in St. Louis
Dilawar Syed, Associate Professor of Instruction, Department of Business, Government and Society, The University of Texas at Austin

Imagine it’s April 2025 and you’re the owner of a small but fast-growing e-commerce business. Historically, you’ve sourced products from China, but the president just announced tariffs of 145% on these goods. Do you set up operations in Thailand – requiring new investment and a lot of work – or wait until there’s more clarity on trade? What if waiting too long means you miss your chance to pull it off?

This isn’t a hypothetical – it’s a real dilemma faced by a real business owner…

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