Kimberly Adams

So where are we now?

Per the Yale Budget Lab, we've got the effective tariff rate right now at 9%, which is much lower than it was before the SCOTUS ruling.

It was 16% then.

What are businesses doing now?

I was talking to a business owner for a story the other day.

She makes guitar effects pedals.

And she said, we did the supply chain review thing to see if we could find other suppliers domestically or in other countries that weren't as tariffs.

And she's like, we have the right suppliers to make the product that we want.

And she said before all of this, they didn't even track tariffs as like a line item in their business.

Last year, since the Liberation Day tariffs, $80,000.

Yeah.

$80,000 for a small business.

And she expects it to be something closer to $120,000 in the coming year.

And she's already raised prices once.

She says she's going to have to raise prices again.

And she's like, we were already at the higher price.

pricing end of the market.

But this is rough for these businesses.

That's a restriction on your growth of your company.

Okay.