Optimism has climbed steadily and held near record levels since Trump won the presidential election in 2016, bolstered by deregulation and a tax code overhaul. However, in recent months, business groups have begun to express concern, taking issue with ongoing trade tensions and the impact frayed relationships may have on bottom lines.
The Small Business & Entrepreneurship Council's President and CEO Karen Kerrigan said in a statement, "the use of tariffs as a leverage or a negotiating strategy does not appear to be working with our trading partners."
"The newly announced Mexico tariffs, if acted upon, are not only bad for small businesses and entrepreneurs but come at a horrible time. Mexico and Canada are moving forward with ratification of USMCA, and this new action undermines trust and the potential passage of this important agreement," Kerrigan said. "Congress must step up on this critical matter and work with President Trump's team to resolve the growing influx of illegal immigrants and related humanitarian crisis.
"Small businesses account for about half of the economy, and while the current trade debate heavily focuses on the impact of tariffs and retaliatory actions on the markets, the effects on small businesses often go overlooked," said Adam Temple, communications director at NFIB, in a statement.
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