US industry insider says small business to suffer most from additional tariffs
Small businesses not only in the United States but across the whole world will suffer from additional tariffs that the United States threatened to put on Chinese imports, US industry insider has said.
Marwan Forzley, CEO of Veem, a global payments company for small businesses, told Xinhua Wednesday that the tariff increase is a critical moment for small businesses.
"Without some form of relief, businesses will have to either absorb significant cost increases, pass along price increases to consumers, or fundamentally re-work their supply chain to keep the same level of profitability," he said.
Forzley said that comparing with large enterprises, small businesses will suffer more from the additional tariffs.
"Small businesses tend to suffer from this type of drastic change more than larger companies who have a greater means to deal with the situation," he said.
Forzley said small businesses can cope with the tariff increases through front-loading. "Saving money by stocking up on bulk orders is a viable option if offered by suppliers."
US President Donald Trump tweeted last week that he would place an additional 10 percent tariff on the remaining 300 billion US dollars worth of Chinese imports starting on September 1.