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A new Democrat-led bill seeks to exempt small businesses from Donald Trump’s latest round of tariffs, as small business owners continue to reel from the impacts of the battle over the president’s signature economic policy.
Introduced by the senator Ed Markey of Massachusetts, the bill, known as the “Small Business Liberation 2.0 Act”, would exempt goods imported by or for the use of small businesses from new tariffs, which Donald Trump enacted on 20 February, immediately after the US supreme court’s ruling invalidating his “liberation day” tariffs.
The bill text also prohibits price gouging as a result of the latest tariffs. Democratic senators Chuck Schumer, Mazie Hirono, John Hickenlooper, Kirsten Gillibrand, Amy Klobuchar and Chris Van Hollen are signed on as co-sponsors of the bill.
“Trump’s tariff tax scam is simple: if at first your policies are ruled illegal, double down and try, try again,” Markey, who is ranking member of the Senate small business and entrepreneurship committee, said.
“America’s small businesses cannot bear another bruising round of uncertainty and consumers in Massachusetts and across the country cannot foot the bill for another punishing round of Trump’s tariff taxes.”
After the supreme court’s decision, the president announced he would enact a new 10% global baseline tariff under section 122 of the Trade Act of 1974, which allows the president to impose tariffs for 150 days.
The bill’s introduction could be a welcome development for small businesses owners, who have struggled to navigate the fallout from Trump’s global tariff wars. However, it is unlikely to advance in the Senate, where Republicans hold the majority.
Entrepreneurs across the country shared their experiences with the Guardian, with many dealing with extreme stress and financial hardship due to increased costs.
“The tariffs, especially those on Brazil, have raised our costs by about $1m in the last year,” Dr Charlie Elrod, who runs a company that makes natural health products for livestock, previously told the Guardian. After six months of eating the cost, the company increased prices by 5%. “That helped some, but our profitability is definitely lower this year,” he said.
Both before and after the supreme court ruling, more than 1,000 companies filed lawsuits against the government over its tariff policy. Last week, a US trade court judge ordered the government to begin paying billions of dollars in refunds to importers who paid tariffs that the court said were collected illegally.
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