Trump's new tariffs raise concerns for small businesses and consumers in the US

President-elect Donald Trump plans to impose new tariffs starting at 25% on goods from Canada and Mexico, and 10% on imports from China. This has led to tensions with Mexico, where President Claudia Sheinbaum has threatened retaliation. Small business owner Jacob Rheuban expressed concerns that these tariffs will hurt American companies and consumers more than foreign governments. He noted that Walmart is likely to raise prices due to the tariffs, impacting everyday shoppers. Rheuban highlighted the challenges of sourcing materials domestically, which could take years to implement. He also criticized the de minimis exemption, which allows low-value imports to bypass tariffs, putting small U.S. businesses at a disadvantage against cheaper foreign goods.