(The Center Square) – A new survey shows an increasing number of small businesses in Illinois expect revenue losses due to shifting U.S. trade policies.
The business networking platform Alignable’s survey shows 41% of small business owners nationwide anticipate revenue losses, with 18% expecting significant declines as a result of tariffs.
Researcher Chuck Casto said in January, 35% of Illinois small businesses were concerned about the effects of tariffs.
“That’s significant, that’s more than a third, but now it’s up to 47%,” said Casto. “They’re worried about many different effects, they’re worried about what this will do in terms of inflation, in terms of consumer spending.”
Now the state has the fifth-highest percentage in the country of surveyed businesses with concerns, behind Georgia, Minnesota, Colorado and Oregon.
The top three sectors of businesses worried about tariffs are architecture, manufacturing and retail.
Casto said small businesses continued to face challenges in the past few years, from the COVID-19 pandemic to inflationary pressures.
“It’s hard for them to pinpoint exactly all of the problems they need to tackle along the way,” said Casto.
Casto noted that those who are in favor of tariffs said that they will force people to buy more U.S. products and encourage local commerce.
Goldman Sachs “10,000 Small Businesses Voices” recently brought 60 small business owners from rural communities to Washington, D.C. to deliver a message that they’re poised for growth but need Congress to address the persistent challenges faced by entrepreneurs in America’s heartland.
The group said in their survey of rural small business owners that 74% have plans to grow, and 45% expect to create new jobs in 2025.
“Rural small businesses are engines of economic growth and job creation, and that’s why it’s critical for policymakers in Washington to understand the challenges they face,” said David Solomon, CEO of Goldman Sachs. “If we can create a favorable operating environment and policy landscape, small businesses will thrive and communities across America will benefit.”
