As we move further into 2025, recent changes to tariffs on imported goods are beginning to impact businesses of all sizes across the country. At Transcend Ideas, we believe staying informed helps our community make better decisions.
Understanding the Landscape
The interconnectedness of our global economy means changes in trade policy have ripple effects throughout supply chains. While the full impact of these tariffs—ranging from 10% to over 50% on various imported goods—is still emerging, we’re already seeing different responses across the business spectrum.
“Large retailers with significant purchasing power (like Walmart) can often negotiate with foreign suppliers for discounts to offset tariff costs. However, small businesses typically lack this leverage, potentially facing more immediate challenges in maintaining their pricing structures,”
from an NPR story linked here.
Wide-Ranging Effects
It’s important to understand that these economic shifts will affect virtually all businesses—not just those directly importing or selling foreign goods. Service-based businesses like Transcend Ideas will also experience impacts, though on different timelines and in different ways. As our clients adapt to changing economic conditions, their marketing and branding needs may evolve or even take a backseat. Rising costs in one sector inevitably influence spending patterns and priorities across the entire business ecosystem.
Why This Matters
We share this information not to raise alarm but to encourage awareness. Economic shifts like these highlight why supporting small businesses in your community matters more than ever. Local businesses are the backbone of our economies, providing unique products, personalized service, and keeping dollars circulating within our communities.
Moving Forward Together
During periods of economic adjustment, small businesses demonstrate remarkable resilience and creativity. Many find innovative ways to adapt their sourcing, streamline operations, or enhance their value proposition beyond just price.
As consumers, our choices have power. By intentionally supporting small businesses—whether through direct purchases, positive reviews, or sharing their stories—we help maintain the diverse, vibrant business ecosystem that makes our communities special.
Let’s stay informed, shop local when possible, and remember that small businesses thrive when communities show up for our local small businesses.
