(The Center Square) – A new survey shows that tariff-related anxiety is surging among small businesses in Illinois and elsewhere.
Research from Alignable in collaboration with Harvard Business School and MIT researchers shows 44% of small business owners nationwide said they expect reduced sales because of tariffs. Alignable researcher Chuck Casto said of those, 13% anticipate significant revenue drops.
“They’re very much worried about sales and they’re also worried that through all the upheaval that consumers will not be spending as much as well because overall, people are more worried about money in general,” said Casto.
The survey shows more than 25% of small businesses report they’re already experiencing tariff-related declines in sales.
Casto said the sentiment is not much better in Illinois.
“When 40 percent of small businesses in Illinois say they’re worried that tariffs will decrease their income, it’s really a major figure to listen to,” said Casto.
The industries with the highest percentages of concerned small business owners were: Retail (57%), Restaurants (54%), Travel (54%), Construction (53%) and Manufacturing (52%).
While many respondents referenced the short-term pain caused by tariffs, Casto said some business owners expressed hope for a longer-term revival of domestic industries, more resilient supply chains, and broader economic benefits for the middle class.
President Donald Trump said numerous countries have come forward to make a deal, and that China has been reaching out “a lot” ever since he nearly tripled U.S. tariffs on Chinese imports. He suggested to reporters that the two nations could reach a deal in as soon as three to four weeks.
