Small U.S. companies, the source of more than half of the country’s job creation in recent years, are struggling to comply with President Donald Trump’s new tariffs and cope with growing financial strains clobbering them from higher import costs.
Last week’s country-specific levies varying from 10 percent to 50 percent landed with a one-two punch: additional red tape issued by Customs and Border Protection, and a need to increase customs bonds — guarantees that companies must buy from surety providers to ensure the government receives its tariff revenue, other taxes and any potential penalties.
Big firms often have in-house resources to handle such administrative changes and costs, but compliance and forecasting in the new tariff regime are “where the smaller companies are really struggl