Headlines about potential tariff-related price hikes are, unfortunately, not entirely dramatized clickbait.
Those historic economic policies have already rattled businesses.
President Donald Trump increased tariffs on Chinese imports and applied a 25% tariff to products imported from Canada and Mexico, a 10% universal base tariff and reciprocal tariffs on countries that tax U.S. imports.
According to an April 15 fact sheet published by the White House, China faces up to a 245% tariff on imports to the U.S. The White House breaks that down as including “a 125% reciprocal tariff, a 20% tariff to address the fentanyl crisis, and Section 301 tariffs on specific goods, between 7.5% and 100%.”
These high rates will affect most businesses to some degree, but especially small businesses.
Nearly two-thirds of small-business owners in a March survey by the Wall Street Journal said that tariffs and other trade issues would hurt their businesses.
In a February survey from PYMNTS (after Trump announced tariffs against Canada, China and Mexico, but before many countries announced retaliatory levies), nearly 1 in 5 small-business owners indicated they’re pessimistic about their odds of survival over the next five years because of the tariffs.
Larger companies have more financial leeway, resources and leverage to change their supply chains and update prices than smaller businesses do.
So, while companies like Walmart are stalling price increases related to the tariffs, other businesses don’t have the same capacity.
Following are a number of companies that have already announced tariff-related price increases. You may recognize a few, but you’ll notice many are more niche and reflect how tariffs will disproportionately affect smaller businesses.
- Temu is a digital retailer popular for its cheap goods that are primarily from China. The company announced that prices will increase beginning April 25, but it didn’t provide a concrete rate.
- Shein is a digital marketplace and fast-fashion retailer, also known for its cheaply priced Chinese products. Like Temu, it will implement new price policies starting April 25.
- Newegg is a digital retailer that specializes in electronics and computer hardware. The company increased prices in February and, like others on this list, cited Trump’s tariffs as the reason.
- Asus is a Taiwanese electronics manufacturer. Asus increased prices by $50 to $100 per laptop in response to the tariffs.
- Anker is a Chinese tech company that primarily sells products like portable power banks and phone cases. The company increased prices on a fifth of its products, with an average increase of 18%.
- Foreo is a Swedish brand that sells skin and oral care products, but it largely produces them in China. They’ll raise U.S. prices by 20% to 30% beginning April 22.
- Ferrari does all of its manufacturing in Italy, but with every country subject to some level of tariffs, they aren’t immune. Ferrari says it’ll increase prices on all models imported after April 2 by no more than 10%.
- Zwilling is based in Germany and is one of the oldest producers of kitchen knives. It announced that prices will rise on June 1, stating, “There’s just no way around it.”
- Bogg Bag is raising the prices of its trendy tote bags by $5 to help offset the cost of tariffs, Bloomberg reports.
- Vego Garden makes modular raised beds and other gardening products. Founder and CEO Robert Xiong explained on the company’s website that it will be “paying most of the extra costs associated with the tariffs” but has been “forced to implement a modest price increase,” effective April 18.
- Jolie Skin produces filtered-water shower heads. Founder Ryan Babenzien says, “Technically, WE are not raising our prices, but the Tariff will make it more expensive for American consumers to buy a Jolie.”
- Dame focuses on sexual wellness, producing adult toys and personal care items. The company has implemented a $5 “Trump tariff surcharge” which is being automatically added to customers’ online shopping carts at checkout.
- Supernote is an e-notebook that has a paper-like feel and is used for writing, sketching and note-taking. The company posted a statement online saying that, because of the tariffs, prices for U.S. customers will rise at the end of April.
- Loftie produces unique versions of bedside goods like alarm clocks and lamps. The company’s website states that the cost of a Loftie Lamp will increase on May 1.
- Christopher Ward is a luxury watchmaker based in the U.K. It recently emailed U.S. customers, explaining that consumers will be responsible for paying the 31% duty on the brand’s Swiss-made watches.
- Framework manufactures laptops and has changed its pricing to follow the tariffs — upping or lowering prices when tariffs increase or decrease. It also offered partial refunds on items — like laptops and smartphones — that fell into a newly reduced tariff category.
- Foam produces travel coolers using a special material from China. Founder Chad Lee says the company’s tariff bill rose to more than $22,800 from about $4,500, so he’s raising cooler prices from $99 to $125.
- Plugable Technologies focuses on portable chargers and docks, and despite already diverting production from China and into Vietnam and Thailand, the company will incur hundreds of thousands of dollars in additional tariff-related costs. So, costs for popular products will rise by as much as 30%.
- Freewrite, a brand of distraction-free writing devices (think modern, electronic typewriters), is based in Detroit but assembles its products in China. It raised prices on April 14.
- Various coffee shops are having to adjust prices because of tariffs. For example, The Crown in California is raising nearly all item prices by 50 cents.
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