Small business confidence drops to a low as U.S.–China trade war rattles Main Street. (via CNBCMakeIt)
Small business confidence has dropped to a level not seen since 2017, matching the all-time low since CNBC and SurveyMonkey began taking the pulse of Main Street in a quarterly survey three years ago.
She said for small businesses it is important that Congress pass the trade deal with the nation's two biggest trading partners, Mexico and Canada, legislation known as the United States–Mexico–Canada Agreement . China may be "three or four steps down the supply chain" for many small businesses, but it affects them, especially the longer it goes on.
"The trade war has yet to have a direct impact on our business, but we do expect it to have a small impact," said Thomas, who owns the store with his wife. "The impact would likely be a slight increase on the cost of some of our goods. We have brands that source products and labor from all over the world, primarily with the goal of having a positive economic and social impact on that particular section of the globe.
"Small and mid-size businesses are depending on larger businesses. The agricultural community is depending on farmers to buy stuff," Kerrigan said. "If you can get a [China] trade deal, maybe not a comprehensive one but start with something, IP protection or market access, and get the USMCA through Congress, it would all be very positive for investments, the markets and small business," Kerrigan said.
But his economic concerns do not represent a sudden shift based on the trade war or any single factor. "I think this trade war with China is not going to affect us [and], for the most part, the general consumer."Laricy has been preparing for two years to take advantage of a downturn. "Business was better in 2018 than this year," said Trice Stevens, owner of On the Fringe, a retail fashion and beauty store in South Bend, Indiana. "We have had a slower spring directly affected by the weather, and then we had jacket weather and rain most of May. We lost our peak spring buying season that usually happens March–May."
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