Small business owners across the U.S. are increasingly fearful about the financial impact of new and future tariffs.
Alignable’s March Tariff Report, released today, reveals that 41% of small business owners expect revenue losses—an 11-point jump from 30% last month. Of those, 18% anticipate significant declines due to tariffs.
These findings are based on 5,288 responses from randomly selected small business owners polled between February 7 and February 28, 2025, by Alignable, the largest online networking platform for small businesses.
Why this matters: Small businesses drive 44% of U.S. GDP, but instead of planning for growth in 2025, many are now focused on simply staying afloat.
More key findings:
Manufacturers are under increased pressure: Now, 54% fear tariff-related financial trouble—a 29-point surge from last month.
Other industries expecting revenue declines include retailers (54%), science/technology (51%), transportation (49%), restaurants (45%), and automotive (43%).
Most concerned states: Georgia (51%), Minnesota (49%), Colorado (48%), Illinois (47%), California, Massachusetts, and Washington State (46%), and New York (45%).
However, 19% of small business owners believe tariffs will ultimately boost their income, and will strengthen the U.S. economy down the road.
See the full report here.
