43% of Small Business Owners Say Chinese Tariffs Will Increase Their Costs
June 09, 2019 / Michael Guta
The longer the US trade war with China continues, the more it will affect small businesses. And according to the latest survey from BizBuySell, it is proving to be true. Almost half or 43% of small business owners said the Chinese tariffs is increasing their costs. For 64% of these owners it means raising prices in order to stay afloat. The rest will take different measures to keep their business running without losing their customers. For 27%, cutting spending is the solution. For 25%, it’s searching for cheaper vendors. Meanwhile, 23% will take a hit to their bottom line. And 13% will lower employee count. Another 4% will lower wages.