Whether they’re your local hardware store on Main Street or the mother/daughter bakery that started in your neighbor’s kitchen, small businesses are the backbone of our local communities and economies. They’re also a critical part of the retail industry, which supports more than one in four U.S. jobs and contributes $5.3 trillion to annual GDP. In fact, 98% of retailers are small businesses.
Small businesses, which make up 98% of retailers and support more than 13 million American jobs, are particularly vulnerable to tariffs. Learn more.
Americans understand the value of small businesses. After all, these are their neighbors, employers and local Little League sponsors. A March poll conducted for NRF by Morning Consult found that nine out of 10 voters say that small businesses play an important role in their local economy. But they also know small businesses are particularly vulnerable right now because of policies outside of their control.
The majority of voters (56%) now believe the 2025 tariffs will negatively impact small businesses, according to a new survey conducted by Morning Consult for NRF. That is up from 52% in March before the size and scope of the 2025 tariffs had been announced. In fact, as Americans learn more about the impact of specific tariffs, the more likely they are to see these policies as harmful to small businesses, and in turn, their local communities.
No one expects running a small business to be easy, particularly in retail. Many already walk a tight rope balancing rising costs from credit card swipe fees, labor costs and the realities of operating in a highly competitive industry.
Would they be able to survive sweeping global tariffs cutting into already slim profit margins? Voters certainly don’t think so: Two-thirds believe small businesses in their community will have to close, specifically because of tariffs.
Visit “Tariffs Threaten the American Dream” to learn how you can support Main Street and help protect the American Dream for both businesses and their customers.
