Washington, D.C. — Ahead of the April 2 anniversary of the Trump administration’s “Liberation Day” tariffs, a new analysis from the Center for American Progress finds that small-business importers in New York have faced sharply rising costs, paying an average of $170,000 more in tariffs from March 2025 through February 2026 compared with the prior 12 months.

Tariff costs for small-business importers have surged since early 2025, forcing businesses across New York to raise prices, cut hiring, or delay growth. Nationally, small-business importers have paid an average of $306,000 more over the past year, underscoring the widespread impact of the administration’s trade agenda.

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:

• Small-business importers in New York paid $170,000 more on average. The average small-business importer in New York paid an additional $170,000 in tariffs from March 2025 through February 2026 compared with the prior year,
• 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.
• 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.