Trump tariffs lead to uncertainty for North Texas small businesses
Trump tariffs leave local small businesses uneasy
Small businesses in North Texas are facing uncertainty over widespread tariffs put in place by the Trump Administration.
DALLAS - Small businesses in North Texas are facing uncertainty over widespread tariffs put in place by the Trump Administration.
A survey by the Federal Reserve Dallas shows economic growth in Texas is already slowing.
Small Businesses on Tariff Impacts
Local perspective:
Analysts say almost half of products in a supermarket are subject to these new tariffs, including seafood, coffee, fruit and alcohol.
At Scardello Artisan Cheese, in Dallas' Oak Lawn neighborhood, owner Rich Rogers is worried about what is to come.
Roughly half the cheese and 70 percent of the wine he sells is imported.
Trump auto tariffs are in effect. Here's what Dallas car dealers think
New tariffs are in place today on automobiles built outside the United States. Some products from every car company will be impacted, because most cars aren't made with entirely American parts.
The 20 percent tariff on EU goods and a 31 percent tariff on cheese from Switzerland will change prices.
What they're saying:
"Cheese is not inexpensive to begin with. Great cheese is not cheap, and so adding these tariffs on top of things and making it a little bit more expensive to buy, that's definitely not what we want," said Rogers. "That importer is going to pay more, my distributor is going to pay more, and they're going to pass those expenses on to me. And, of course, we are going to have to pass some of that on to the consumer. It's just the way that it works to stay in business, we have to."
Rogers says he's trying to take it day-by-day.
"We place our holiday orders in July, for December. In years past, I mean, it's always a little bit of a guessing game. It's really something that I've tried to fine tune over the years. But this year, it's really nerve-wracking," he said. "I love cheese by there's only so much of it that I can eat myself, so I need other people to want to eat it too."
Why gas prices went up in North Texas
The rise in gas prices in North Texas and across the country has many people speculating. But at this point, experts don’t believe tariffs are the reason.
Federal Reserve of Dallas report
Dig deeper:
According to a new report from the Federal Reserve Bank of Dallas, Texas business owners were already fearful of a possible recession prior to the levies.
The Texas economy grew slightly below trend in the first quarter of the year.
Companies have dropped their outlooks as uncertainty spiked among both manufacturers and the service sector.
Texas is the number one trading state in the nation, accounting for more than $850 billion last year.
Sen. Cruz on tariffs
HOUSTON, TEXAS - AUGUST 6: Senator Ted Cruz speaks to supporters as he hosted a law enforcement and public safety rally with law enforcement leaders at King's Bierhaus on Tuesday, Aug. 6, 2024, in Houston. (Karen Warren/Houston Chronicle via Getty Im
What they're saying:
U.S. Senator Ted Cruz (R-Texas) expressed his concerns about the tariffs in an interview with FOX News.
"I think it is a mistake to assume that we will have high tariffs in perpetuity. I don't think that would be good economic policy. I am not a fan of tariffs," said Cruz. "Tariffs are a tax on consumers. And I'm not a fan of jacking up taxes on American consumers, so my hope is these tariffs are short-lived and they serve as leverage to lower tariffs across the globe."
The Source: Information in this article comes the Federal Reserve Bank of Dallas,