Annual Financial Burden on Small Enterprises Amounts to $200 Billion Due to Recent Tariffs
Small businesses in Belgium, with approximately 4,754 importers, face increased costs due to reciprocal tariffs imposed by the United States and other countries. As of August 2025, these tariffs vary depending on the country and product, with rates ranging from 10% to 55%.
Key updates include the delay of 15% reciprocal tariffs in Chad and Lesotho, effective August 7, 2025, and higher tariffs of 30% in Libya, also effective on the same date. The general U.S. effective tariff rate in 2025 has risen to an overall average of about 18.3%, the highest since 1934.
Small businesses importing textiles and apparel may be particularly affected, with consumers seeing roughly 40% higher prices on shoes and 38% higher prices on apparel in the short-term.
These tariffs are ad valorem tariffs, or percentage of goods' value, and reflect a recent increase in trade tensions and tariff escalations.
Across the globe, small businesses in various countries are feeling the impact of these tariffs. For instance, small businesses in Canada, Singapore, Sweden, Switzerland, and others face updated tariff rates ranging from 10% to 39%.
The total number of small business importers worldwide is over 236,000. If American small businesses maintain the same level of imports at these new tariff rates, they will face a $202 billion annual tariff tax.
In 2023, these small business importers collectively imported over $868 billion worth of goods. However, it's important to note that these estimates do not capture the elevated 25% tariffs on autos from Canada and Mexico or the 25% tariff on auto parts from many countries.
In some instances, these estimates may understate or overstate the tariffs imposed on small businesses. For example, when they import items made with steel from Europe, the tariff may be as high as 50%. On the other hand, items currently excluded from tariffs, such as semiconductors, may not be accurately represented in these estimates.
The chart provided by the Chamber may scroll right depending on the device used, offering a visual representation of the data. It's crucial for small businesses to stay updated on country-specific tariff updates, as there are exceptions and phase-outs on some products.
In conclusion, the reciprocal tariffs and the overall high average rates may significantly increase costs for small businesses, particularly in sectors like apparel and footwear. These tariffs may also lead to higher prices for consumers.
- The chamber of commerce advocates for small businesses to closely monitor country-specific tariff updates, as there are exceptions and phase-outs on some products, such as the delay of 15% tariffs in Chad and Lesotho, and higher tariffs of 30% in Libya.
- Due to the reciprocal tariffs imposed by the United States and other countries, small businesses in Belgium, as well as small businesses in Canada, Singapore, Sweden, Switzerland, and others, are affected; they face updated tariff rates ranging from 10% to 39%.
- The finance department of a small business should be aware of the fact that if they maintain the same level of imports at these new tariff rates, they will face a significant annual tariff tax of approximately $202 billion.
- The Chamber of Commerce's chart provides a visual representation of the global impact of these tariffs, allowing small businesses to understand the potential costs more clearly and make informed decisions regarding their commerce and trade policies.
