Tariffs and Small Business: Lessons from 2020 and 2025

Editorial update: This article covers the June 2020 discussion and later developments in 2025. Figures from the linked February 2020 fact sheet are historical, not current estimates.

In June 2020, I joined an online discussion hosted by Tariffs Hurt the Heartland, where North Carolina farmers, manufacturers, and business owners came together to highlight the devastating impact of tariffs between China and the United States.

As CEO of Ravenox, I shared how tariffs forced small businesses like ours to absorb substantial unexpected costs, slowing growth and limiting our ability to hire. This article also looks back at the uncertainty manufacturers faced as tariff policy changed again in 2025.

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The Real Cost to Small Business

During the discussion, I explained:

“Knowing that as a small business we have spent over $150,000 on tariffs, we are not able to hire [more] employees like we would want to. And I know a number of other U.S.-based manufacturers that are facing the same problem.”

For Ravenox, and countless other small manufacturers, tariffs are a direct tax on growth, hiring, and innovation.

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Looking Back at Tariffs in 2025

The later policy changes in 2025 brought renewed concerns for manufacturers:

• Broader tariffs on raw materials like steel, aluminum, and auto parts are driving up costs for manufacturers.

• Businesses face uncertainty as new categories of goods are reassessed for tariff inclusion.

• Small businesses operating on thin margins are hit hardest, as increased costs cannot always be passed on to customers.

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North Carolina’s Growing Losses

The February 2020 North Carolina fact sheet linked below reported the following impacts and projections at that time:

• More than $1.4 billion in additional costs attributed to tariffs in North Carolina.
• Projected losses exceeding 60,000 jobs.
• A reported 33% increase in farm bankruptcies.

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Advocating for Change

As both a veteran and a small business leader, I believe it is my responsibility to speak out on behalf of American entrepreneurs. Tariffs may be framed as tools of leverage, but in practice, they are crippling U.S. businesses that are already carrying heavy loads.

The solution is not silence, it is advocacy, smarter trade policy, and a stronger commitment to American-made manufacturing.

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Moving Forward

The experiences of 2020 and 2025 reinforced how uncertainty over trade costs can complicate decisions about hiring and growth. For me, this is about protecting jobs, helping small businesses plan, and strengthening American manufacturing.

As I continue to lead Ravenox and advocate for small business nationwide, I remain committed to amplifying the voices of those most affected and pushing for policies that enable small businesses to thrive, not just survive.