Tariffs Drive Layoffs, Price Hikes, and Vendor Changes

Tariffs are having a negative effect on many SMBs, according to our latest survey of 500 U.S. SMB principals. This negative sentiment is consistent with how SMBs felt about tariffs in September.

Our most recent survey shows that SMBs are responding to tariff impacts in the following ways:

‍Layoffs. 15% of very small businesses (VSBs, with 1-19 employees), 31% of small businesses (SBs, with 20-99 employees), and 49% of midsized businesses (MBs, with 100-1,000 employees) have made or expect to make layoffs as a result of tariffs.

We have made or expect to make layoffs as a result of tariffs

Price increases. Half of VSBs, 64% of SBs, and 73% of MBs have already passed or will pass tariff-related cost increases on to customers in the form of higher prices.

We have passed or will pass some or all price increases resulting from tariffs on to our customers

Supply chain shifts. Nearly 46% of VSBs, 53% of SBs and fully 80% of MBs already have or expect to make changes to their supply chain in response to tariffs.

We have changed or will change our supply chain in response to tariffs

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