Tariffs Make Things Tough for U.S. Businesses and Shoppers 😟
Have you ever wondered why the prices of some toys or gadgets go up? Recently, small businesses and big stores in the United States are facing challenges because of something called tariffs. Let’s find out what’s happening!
What’s a Tariff?
A tariff is like a tax that a country adds to goods it brings in from other countries. This can make imported items more expensive.
Small Businesses Struggle
Julie Robbins, the CEO of a company called EarthQuaker Devices, says that tariffs are making it hard for her business to survive. Her company makes cool audio effects gear used by musicians.
“If this keeps up, we might have to close down,” she said. “Our business with other countries is dropping, and we’re worried about going bankrupt.”
EarthQuaker Devices sells a lot to places like Europe, Australia, Canada, and Japan. But now, because of tariffs, their sales are going down.
Higher Prices at Stores
Even big stores like Walmart are feeling the pinch. Doug McMillon, Walmart’s CEO, said that tariffs could make prices go up for shoppers.
“We always try to keep prices low,” he said. “But with these tariffs, it’s getting harder. Shoppers might see higher prices soon.”
Things like toys, electronics, and even fruits like bananas and avocados might cost more because of tariffs.
What’s Next?
Both small businesses and big stores hope that the government will find a solution. They want to keep prices affordable and businesses running.
So next time you notice the price of your favorite snack or toy going up, it might be because of tariffs affecting how businesses operate!
Reference(s):
U.S. small businesses 'at risk of bankruptcy' due to tariff policy
cgtn.com
