Washington, D.C. — A new analysis from the Center for American Progress finds that the Trump administration’s sweeping tariff agenda has imposed steep costs on America’s small-business importers, with the average small-business importer paying an average $306,000 more in tariffs from March 2025 through February 2026, compared with the prior 12 months. Tariff costs for small-business importers have tripled since early 2025. 

Since the administration’s “Liberation Day” tariffs, small businesses in every state have faced rising costs, forcing many to raise prices, cut hiring, or delay growth. Roughly 90 percent of tariffs are paid by U.S. importers and consumers, and more than 4 in 10 small businesses report tariff-related price increases affecting their operations. Small businesses employ nearly half of U.S. workers and make up 97 percent of importers, leaving them especially exposed to rising trade costs.

“Small businesses are paying the price for the administration’s failed trade strategy,” said Michael Negron, senior fellow for economic opportunity at the Center for American Progress and co-author of the analysis. “Despite promises that tariffs would lead to economic gains, the Trump administration has slammed small businesses and consumers with higher costs in every state.”

CAP’s analysis finds that:

• Small-business importers paid $306,000 more on average. The average small-business importer paid an additional $306,000 in tariffs from March 2025 through February 2026 compared with the prior 12 months, or about $25,000 more per month.
• Tariff costs have tripled. Monthly tariff payments by small-business importers have surged sharply since early 2025, reflecting significantly higher tariff rates.
• Total tariff burden has surged nationwide. Small-business importers paid an average of $441,000 in total tariffs over the past year, or roughly $37,000 per month.
• Costs are hitting businesses in every state. Small-business importers are facing higher tariff bills nationwide, with firms in multiple states paying hundreds of thousands more per year.
• Some states face especially steep increases. In states such as Kentucky, Michigan, and Tennessee, the average small-business importer is paying more than $650,000 in additional tariffs compared with the prior year. 
• The Supreme Court ruling has not provided relief. Although the U.S. Supreme Court struck down the administration’s “Liberation Day” tariffs, the president ordered a sweeping 10 percent tariff and previewed tariffs rates up to 15 percent under different authorities.

Read the analysis: “In the First Year, President Trump’s Tariffs Have Cost Small-Business Importers $306,000 on Average” by Michael Negron, Mimla Wardak, and Kennedy Andara.