Capturing the Toll of Tariffs
We are dedicated to providing a comprehensive resource for the trade community to explore the costs and impacts of tariffs. Through the efforts of the Global Innovation Forum (GIF), the National Foreign Trade Council (NFTC), and the NFTC Foundation, this hub aims to elevate key insights and research on the harms tariffs impose on businesses of all sizes. Here, you’ll find curated research, stories from small businesses, expert opinions, and actionable data that inform the ongoing conversation around tariffs and trade policy.
Americans Support Trade, Not Tariffs
Public opinion trends reveal broad support for open trade and skepticism toward tariff measures.
%
of Americans consider foreign trade an opportunity for economic growth
%
of Americans believe tariffs will cost more than will benefit the U.S. in the long term
%
of Americans think tariffs are likely to result in higher prices on the products they buy
Quantifying the Impact of Tariffs
Data-driven insights into how tariffs are reshaping supply chains, business operations, and market competitiveness.
How US tariffs will hit prices and consumers
Yale Budget Lab estimates that US consumers will face the highest tariff rate since 1934, and an average per household income loss of $1,800.
Trump tariffs: tracking the economic impact of the Trump trade war
The Tax Foundation reports that the average tax increase per U.S. household is estimated to be $1.183 in 2025 and $1,445 in 2026.
Majority of U.S. companies say they have to raise prices due to Trump tariffs
Over half (54%) of companies surveyed by insurer Allianz say they will have to raise prices to accommodate cost of tariffs.
Who loses the most from Trump's tariffs? Who wins?
Bloomberg Economics estimates tariffs will push the average US tariff rate to 15.2%, well above last year’s 2.3%.
Tariffs Are Crushing Small Businesses
Tariffs are hurting small businesses nationwide, regardless of industry, region, or political beliefs. Here are some of their stories.
In The News
Recent media coverage and analysis on tariff developments and their economic and political implications.
Small businesses facing bankruptcy over Trump’s tariffs go to Supreme Court for relief
Tariffs have dealt serious setbacks to America’s small businesses. To prevent further damage, family-owned businesses look to the courts. (The Washington Times, November 2, 2025)
Trump loves his tariffs. Too bad he's wrong about them.
A majority of Americans do not approve of tariffs, and believe they will have a negative impact on them and their families. There is good reason to be concerned. (The Hill, October 12, 2025)
Small Businesses Wither Under Trump’s Tariffs: ‘It’s Hard to Breathe’
Tariffs are rasising prices, and driving away customers, from small businesses, driving many to the edge or survival.
(The New York Times, September 29, 2025)
For America's 35M small businesses, tariff uncertainty hits especially hard
Tariff uncertainty forces small businesses to delay investments, absorb rising costs, and navigate unpredictable supply chains with fewer resources than large firms. (The Conversation, August 4, 2025)
Featured Videos
Tariffs Cost US: Small Business owners Rally in DC Against Rising Costs
In September, small business owners rallied in Washington, DC to make their voices heard: tariffs are hurting their businesses, employees, and communities.
Via Tariffs Cost US on YouTube
The True Cost Of Trump’s Tariffs: Small Businesses Speak Out
Small businesses are reeling under the weight of Trump tariffs- and they are the “canary in the coal mine,” indicating larger issues that will come if ther tariffs persist.
Via CNBC on YouTube
Key ReportsÂ
Notable studies and findings that shed light on tariff impacts, trade flows, and industry responses.
U.S. tariffs: what's the impact on global trade and the economy?
J.P. Morgan Global Research brings you the latest updates and analysis of President Trump’s tariff proposals and their economic impact.
Trump's trade war timeline 2.0: an up-to-date guide
The Peterson Institute for International Economics’ timeline of U.S. trade actions during Trump’s second term in office.
NFTC on Tariffs
NFTC is a leader in business advocacy on tariff policy, and in business support for policy goals, including efforts to address the impacts of tariffs on businesses of all sizes and geographies. NFTC closely monitors tariff developments, shares members’ experiences directly with policymakers, and advocates for solutions to avoid unintended consequences, keep U.S. companies competitive, and reduce business uncertainty.
Is Your Business Impacted by Tariffs?
How to share your company’s experience to help inform policymakers and strengthen advocacy efforts.
- Tell us your story/Speak to the press. Fill out this survey or email us, and we will look for opportunities to connect you directly with local and national media to elevate your experience.
- Sign “We Pay the Tariffs” open letter to lawmakers on WePayTheTariffs.com.
- Contact your Member of Congress, Senators and state officials. Find and contact elected officials through USA.gov or send a message via Democracy.io.
Other VoicesÂ
Business and civil society groups along with conservative and progressive voices all understand the costs and limitations of tariffs.
