WASHINGTON (DC News Now)— Many small business owners are filled with anxiety as President Donald Trump announced a slew of new tariffs on foreign imports.
“Terror is what was really going through our head for the past few weeks and trying to get a grasp on it, what does it mean? Is there any way to stock up or pre-buy or reserve,” said Diane Gross, owner of Cork Wine Bar and Market, who was waiting on the policy announcement Wednesday afternoon.
Later that day—on what the president deemed “Liberation Day”—Trump announced sweeping reciprocal tariffs on foreign products. The plan includes a baseline 10% tariff on all foreign goods, with higher rates set for certain countries, including a 20% tariff on goods imported from the European Union.
“Reciprocal, they do it to us, we do it to them,” said Trump.
He also announced a 25% tariff on all foreign automobiles and auto parts.
Though lower than the threatened 200% tariff on European wine and spirits, Gross said it’ll still have an impact.
“It’s really this up and down of uncertainty which really puts small businesses in jeopardy,” she said.
Gross and her husband, Khalid Pitts, have been operating their wine bar for nearly 18 years and specialize in selling European wine.
“One of the things we built a reputation on is having high-quality wine at value prices,” said Pitts, who explained any tariff, regardless of the amount, will drive up prices. “A tariff is a tax. It’s an increased cost for that good.”
Democratic lawmakers have criticized the tariffs, claiming they will lead to a trade war and increased costs for middle-class America.
“The term ‘Liberation Day’ really does strike me as so hypocritical. I don’t know who is being liberated,” said Sen. Angela Alsobrooks (D-Md.). “I haven’t seen how middle-class families will benefit from any of the policies of this administration.”
In response, Alsobrooks introduced the Tariff Transparency Act, which aims to get more information on the impact of the president’s trade policies.
“What we’re asking is the International Trade Administration to give us the facts. To tell us the impact of these tariffs on every part of our society,” she said. “We want businesses to know what the impact will be to them and to consumers. We know many of the taxes will be passed off to the consumers.”
