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Alignable’s June Tariff Report, developed in collaboration with researchers from Harvard Business School and MIT, reveals that 44% of small business owners are already seeing revenue declines tied to tariffs and ongoing uncertainty, up from just 26% in May.
“The trade war isn’t just affecting a few industries or importers. The uncertainty is cascading through supply chains, cutting into margins, and stifling confidence throughout the economy. Small business owners are caught in the crossfire,” says Eric Groves, Alignable’s CEO.
Key takeaways:
· Even more alarming: 20% fear their businesses won’t survive into 2026 if trade war policies persist or escalate.
- Entrepreneurs in Massachusetts (54%), New York (49%), Illinois (45%), and California, Florida, Washington, and New Jersey (42%) report tariff-related sales declines.
- Long-term concerns are rising, with 59% in Massachusetts, 53% in California and North Carolina, and 50% in Pennsylvania anticipating continued slumps.
- Hardest-hit industries: Wholesale trade (72%), restaurants (71%), retail (57%), and manufacturing (56%).
- Other struggling sectors: Construction (52%), travel (52%), agriculture (50%), and healthcare (35%).
- 53% of small business owners say networking for new business, local suppliers, and referral partners, plus other pivots, are helping them fight back to some extent.
