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The impact of tariffs on small businesses is already being felt by a majority of owners surveyed, but the effects are far from uniform. Some report significant consequences from tariffs and changing import costs, while a sizable share say their businesses haven’t been affected at all.
According to a Small Business Expo Research Team survey of 524 small business owners, 58.6% say changes in tariffs or import costs have affected their business to at least some degree. At the same time, 41.4% report no impact.
Looking ahead, the outlook is similarly mixed. 47.1% express at least some concern about future trade policy changes, while 40.8% remain neutral and 12.0% are not concerned.
Highlights
- 58.6% report at least some impact from tariffs or changing import costs.
- 26.7% say their business has been somewhat affected.
- 16.0% report a significant impact.
- 41.4% say they have experienced no impact.
- 47.1% express at least some concern about future trade policy changes.
- 84.5% of significantly affected businesses express some degree of concern about future trade policy.
Tariffs on Small Businesses Are Having an Uneven Impact
When asked whether changes in tariffs or import costs have affected their business, respondents reported a wide range of experiences.
More than one-quarter (26.7%) said their business has been somewhat affected, while 16.0% reported a significant impact. Another 15.8% said they have experienced very little impact.
Combined, 58.6% of respondents have felt at least some effect from tariffs or changing import costs.
However, the findings don’t point to a universal experience. A substantial 41.4% say their business has experienced no impact at all.
That divide is important when considering the broader impact of tariffs on small businesses. While tariffs and import costs are reaching a majority of respondents, the survey suggests that the degree of exposure differs considerably across the small business landscape.
The findings also come amid broader evidence of tariff-related cost pressure. The Federal Reserve reported in July 2026 that businesses in several regions continued to cite tariffs as contributing to higher input costs, while some firms were seeing selling prices rise more slowly than their costs, putting pressure on margins.¹
Nearly Half Are Concerned About Future Trade Policy
That uneven experience is accompanied by considerable uncertainty about what could happen next.
Overall, 47.1% of respondents express at least some concern about future trade policy changes. More than one-quarter (25.6%) are somewhat concerned, 16.8% are very concerned, and another 4.8% are slightly concerned.
At the same time, the largest individual group—40.8%—describes itself as neutral. Only 12.0% say they are not concerned.
Rather than indicating widespread alarm, the results reveal a divided outlook. Nearly half are watching future trade policy with some degree of concern, while many others appear uncertain about how—or whether—future changes will affect their businesses.
Tariff Impacts Range From Minimal to Significant
The difference between the 41.4% reporting no impact and the 16.0% reporting significant effects illustrates just how differently small businesses are experiencing the current environment.
For some businesses, tariffs and changing import costs may have little bearing on day-to-day operations. For others, the survey shows that the effects are substantial enough to shape their outlook on future trade policy.
This distinction is especially important when interpreting the overall 58.6% figure. Most respondents report some effect, but that does not mean most are experiencing severe consequences. More than one-quarter describe the impact as “somewhat,” while another 15.8% say it has been “very little.”
Exposure may also vary depending on how much a business relies on imported goods. According to the U.S. Chamber of Commerce, small businesses account for 97% of U.S. importers, illustrating why changes in tariffs can have direct implications for a large number of smaller companies involved in international trade.²
Businesses With Significant Impacts Are Watching What Comes Next
Although the overall results show a mixed outlook, concern becomes much more pronounced among businesses experiencing the greatest current impact.
Among respondents who say tariffs or import costs have significantly affected their business, 64.3% are very concerned about future trade policy changes. Including those who are somewhat or slightly concerned, that figure rises to 84.5%.
By comparison, among businesses reporting no current impact, just 3.7% are very concerned. Nearly half (49.8%) remain neutral, while 25.8% say they are not concerned.
The pattern provides additional context for understanding tariffs on small businesses. Owners experiencing the greatest current impact are also much more likely to express concern about future trade policy, helping explain why sentiment varies so widely across the survey.
Final Takeaway
The survey shows that tariffs on small businesses are not producing a single, uniform experience.
Nearly six in ten respondents report at least some impact, yet more than four in ten report none. Similarly, nearly half express concern about future trade policy, while a large share remain neutral.
The clearest takeaway is that tariff impacts are widespread but uneven. For some businesses, the effects remain limited. For others, they are significant enough to create substantial concern about what comes next. As trade policies continue to evolve, that divide may be an important indicator of how differently small businesses experience changes in the broader economic environment.
Footnotes
- Federal Reserve. Beige Book – July 2026. Federal Reserve Beige Book
- U.S. Chamber of Commerce. Small Businesses, Big Burden: The Cost of Tariffs. U.S. Chamber of Commerce report
Related: The Biggest Opportunities and Threats Facing Small Business