With President Donald Trump moving ahead with sweeping tariffs, and the European Union saying it stands ready to impose “firm counter-measures,” business owners are anxious, markets are in tumult, and businesses of all sizes are on edge.
Small businesses have particular reason to be concerned, especially if a trade war breaks out and leads to a global recession, as some economists fear. Heere are some key points as small businesses seek to weather trade and economic uncertainty.
Tariffs will adversely affect the sustainability of small businesses in both domestic and international markets.
A trade war may lead to a recession, and small businesses tend to suffer most during economic contractions.
Cost management and marketing are critical to the survival of small businesses during recessions.
Maximizing the value of your assets, time, and talent is the best approach.
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