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Tariffs

Senators Introduce Legislation to Protect Small Businesses from Trump Tariffs

Strategic Insights

— 2 min read

Arizona Senator Mark Kelly and nine of his colleagues recently introduced the Small Business RELIEF Act, a piece of legislation aimed at shielding small businesses from the damaging effects of Trump-era tariffs. The bill would exempt small businesses from both global and reciprocal tariffs and require the President to provide refunds to small businesses that have already paid these tariffs. This comes after the U.S. Court of Appeals for the Federal Circuit upheld a lower court ruling that found the "Liberation Day" tariffs to be illegal, paving the way for small businesses to receive relief for the payments they made.

Key Takeaways:

  • The Small Business RELIEF Act aims to exempt small businesses from global and reciprocal tariffs and provide refunds to those who have already paid the tariffs.
  • The bill was introduced by Senators Mark Kelly (D-AZ), Edward J. Markey (D-MA), Chuck Schumer (D-NY), and nine other colleagues.
  • The U.S. Court of Appeals for the Federal Circuit upheld a lower court ruling that found the "Liberation Day" tariffs to be illegal.
  • Small businesses are feeling the brunt of Trump's tariffs, with 60% experiencing higher operating costs due to the policies.
  • Eight organizations support the Small Business RELIEF Act, including the Main Street Alliance, Small Business Majority, Women Impacting Public Policy (WIPP), and CAMEO Network.
  • Senator Kelly held a meeting with Latino small business owners to discuss the effects of Trump's tariffs and reaffirmed his commitment to protecting Arizona's small businesses.
  • The bill is crucial in providing relief to small businesses that have been affected by the Trump administration's tariffs.

Statistics:

  • 60% of small businesses are experiencing higher operating costs due to tariffs (Source: Small Business Majority)
  • 26% of businesses surveyed import goods directly, while nearly half said they buy from American suppliers that import from other countries (Source: Small Business Majority)
  • 85% of microbusinesses in California are vulnerable to rising costs due to tariffs (Source: CAMEO Network)
  • Microbusinesses account for 25% of all jobs in California (Source: CAMEO Network)
  • Nearly half of small businesses surveyed said they import goods from other countries (Source: Small Business Majority)
  • 99% of all U.S. companies are small businesses, employing nearly half of the private sector workforce and contributing more than 40% of GDP (Source: National Small Business Association)

Sources:

  • https://www.kelly.senate.gov/newsroom/press-releases/kelly-colleagues-introduce-legislation-to-protect-small-businesses-from-trump-tariffs/
  • Small Business Majority
  • Main Street Alliance
  • Women Impacting Public Policy (WIPP)
  • CAMEO Network
  • National Small Business Association
  • Small Business for America's Future

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